GEOG 3EE3 Lecture 9: Oct 9 Energy.docx
6 Dec 2014
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Talks about effects of oil prices on the future of oil, more specifically if we"ll continue to use it or not. The only kind of oil we"re raising is the kind that we can"t afford to burn. In order for the economy to grow, it"s necessary for oil prices to go up. The recession wasn"t solely caused by the sub-prime mortgage issue. Recession was caused by rising oil prices. Saudi arabia and the emirates are super thirsty for oil and use large amounts of their own supply. The saudi energy companies get oil and natural gas pay about 7 cents a gallon to burn for energy. When people in india or china get a car, its one more straw sucking at the global oil supply. Oil doesn"t follow the regular supply and demand lines, when the price rises of oil demand should go down but it never really does. Our way of life is not a sustainable form of life.
