GEOG 216 Lecture Notes - Lecture 16: Energy Density
23 Nov 2017
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Document Summary
October 21 lecture 16 - population & resources ii: oil & energy. Importance of energy resources in global economy: energy consumption, the global energy system, historical energy use, energy futures. Oil is everywhere - cars, factories, clothing, food, hair - tremendous importance. 90 million barrels of oil and liquid fuels used annually. Oil used as a weapon, prices influence elections . Strong correlation between energy use and real gdp. All goods require energy to produce and consume. Energy use tells you how the country is doing - like a pulse; energy rise - economy is growing. Increasing prices of oil/energy will cause economy to slow down. Oil prices fall - demand is falling but also less economic output. 3 things driving slowdown of oil price - global economic slowdown, china (2nd largest oil consumer) is slowing down; us became largest producer of oil in the world. A lot of oil on the global market.
