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The Party is Over - Essay Example

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When Col. Edwin L. Drake drilled oil at Titusville in 1859 could not anticipated the impact oil industry could have to the modern world. Though oil industry has been in various ups and downs but it has remained to be the most valuable asset and the cheapest energy resources in the world…
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The Party is Over

Download file to see previous pages... Oil industry boomed especially during 1860 and 1900 when scientific and technological discoveries took place. Another oil pioneer that is credited for his contribution to the oil expansion is French engineer J.J. Etienne Lenoirn who with his discovery of first world internal combustion engine which depended much to the gasoline.
Though it took almost 40 years to have clear automobile and interdependency of oil and industries, Lenoirn certainly paved the way for oil production with his innovation of internal engine combustion. In 1990, kerosene sky-rocketed the oil production due to the domestic usage of lighting and cooking, which later on the supply was affected by the invention of electric bulbs.
After World War I, city construction in Europe paved the way for automobiles which later on increased oil production. Though most of war automobiles used fuel which was largely supplied by US, which led to the systemization of oil production, refining and shipping. Oil importance was vividly seen during this time which contributed much to the US economic growth. The US became the world superpower nation due to the wealth accumulated during the year of 1950 to 1965 which doubled again from year 1965 to 1980.
Though an oil price has been fluctuating, oil and its products have been valuable resource which contributed much to the automakers together with oil companies in America. Though a link between auto industries and oil companies grew fast which saw more cars releases, other economic aspects also had positive impact to the country which made America to depend heavily on oil production to date.
Due to it's heavily dependence on oil, America oil production started to decline which has made US looking for oil out of America. Oil revolution has not only changed Americans life, but the world as whole. US strike a deal of 50/50 split with Saudi Arabia which made US which assured US of more oil while Britain strike deal with Iran which later on was nationalised during the nationalism in Iran. Taking a good look at the trend of economic development around the world, especially in the oil producing countries, it is evidenced that these countries experienced a certain amount of conflicts.
Apart from the conflicts, US have now become largest oil user, which cannot even meet the domestic demand. "Importation of oil to US has been increasing since 1970 which US has to make up for its shortfall from domestic production." (Richard Heinberg, The Party is Over, 2nd Edition 2005).
US being the well-explored country have not managed to meet it domestic demand for oil. Being an industrial country, the oil production has to be high as well, the notion that has forced US to look for alternative in filling the gap of the energy required. In his book, Richard Heinberg described some of alternative energy sources like solar energy and atomic energy that could at least help in meeting the demand. . However, efforts to improve efficiency are subject to diminishing returns, and so eventually a point will be reached where reduced energy availability will translate to reduced economic activity.
According to Richard Heinberg, US is the world's largest energy consumer, the centre of global industrial empire and, and the holder of the most powerful store of weaponry in world history. This might play vital role in shaping the geopolitics of the new century. ...Download file to see next pagesRead More
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