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Santa Monica College Constant Demand for Oil Essay

Santa Monica College Constant Demand for Oil Essay

Question Description

1. Make sure you have appropriate citations.

2. Include a Word count at the end of the Essay (500 words)

3. Write and revise at least once before you post here.

The Current World Population is approximately 7 billion. The two largest Economies of the World, India and China together have more than 2.5 billion people. These two Economies are also the fastest growing Economies of the World. Fast growing implies that they need more resources and one of the most important resources in the world today is Oil. In 2017, India’s expected Oil demand is 4.13 million barrels per day, and China’s expected demand is 11.5 million barrels per day. India and China use about 10% more oil every year compared to the previous year. The US demand is about 19 million barrels per day. Total World Consumption is expected to be 98.15 million barrels per day. World Oil production right now is approximately 98.24 million barrels per day.

You need to complete some external research on historical Oil production, consumption etc. You cannot use wikipedia, and news paper reports as sources. Sources can be Government published or academic articles. Make sure you cite all your sources.

Use Incentive Analysis, and Demand and Supply Analysis to answer the following questions as part of your analysis in your Essay

1. At this rate of Consumption will the world run out of Oil in 20-30 years?

2. What will happen to the Price of Oil? Why?

3. How will the Price of Oil impact other industries such as automobile, etc?

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