What is Happening?

There is a possible chance of a global energy crisis as there is a rapid decrease in the amount of oil available. An energy crisis is an increase in the pricings of energy supplies. This is normally due to the lack of oil, electricity and other energy sources. An energy crisis often affects other prices as electricity is required for manufacturing purposes.

As shown from

it shows that the price has increased by at least 80 cents or about 50% per gallon of gasoline, which is a very big increase in just 2 years.

The Club of Rome has made a shocking prediction that the world's oil supply will run out by the 21 st century, which is in the near future. Currently, only hydroelectricity and nuclear power have been significant alternative energy sources relative to fossil fuels.

Even though technology has made extracting oil easier, faster and better, the world is having major problems to provide oil by using methods that will cost more and produce less oil, such as deep sea drilling.

The world's population is increasing at a tremendous rate of a quarter of a million every day, meaning that more energy will be used and consumed. The amount of energy used by developing countries such as China and India are also increasing as they are adopting more energy intensive lifestyles.

However, having a large population does not mean they use more energy than countries with a population not as high as theirs. United States , which has only about 300 million people, use far more energy than China which has a population of 1.3 billion. This shows that energy is being consumed at a very quick rate, and as the world gets more advanced and high tech, more energy will be consumed daily.

The amount of oil and gas consumed will increase by 1.4% and 1.8% respectively yearly. Exxon Mobil Corp predicts that the amount of energy consumed globally will increase by a tremendous amount of 60% in only 25 years. The amount of energy we will need daily in 2030 will be about 334 million barrels of oil, which is 129 million barrels of oil more than 2000.

The amount of natural gas consumed by North America will increase at a rate of 0.5% yearly until it reaches 90 billion cubic feet daily. However, in 2030, the amount of gas produced daily will only be about 60 billion cubic feet to about 80 billion cubic feet. In 2030, the amount of natural gas consumed by Asia will triple, increasing from 30 billion cubic feet to 90 billion cubic feet, which is about the same amount as North America .