How to Write a Summary of an Article? Impact of looming oil crisis on global trade Impact of looming oil crisis on global trade The availability of OLL Is taken for granted every day by businesses, governments and individuals alike. However, an oil crisis Is looming and could feasibly hit at any point.
Drivers endured soaring gasoline prices, blocks-long lines, hours wasted waiting to refuel vehicles, and restrictions on which days they could buy fuel. The fracking revolution horizontal drilling and hydraulic fracturing and other factors changed that dramatically.
The United States now produces more crude oil than at any time since Recent Defense and Interior Department reports have identified literally hundreds of ways US industries and military readiness are acutely vulnerable to supply interruptions for these rare Earth and other exotic materials.
That would raise our dependency on these metals and minerals, and their costs, by orders of magnitude. It would severely impact every facet of our economy, security, defense and personal lives. Just building the wind turbines, solar cells and high-tech transmission systems for billions of megawatt-hours of electricity would require incalculable quantities — and money.
Batteries to back up all that electricity for windless and sunless hours, days or weeks would require vast additional quantities.
Thankfully, volcanic and magmatic activity, plate tectonics and other powerful geologic processes have blessed America with metallic and other mineral deposits unsurpassed almost anywhere else in the world. We likely have all these essential materials right under our feet. Incredibly, insanely, the United States is the only nation in the world that locks them up, makes them inaccessible under almost any conditions.
Federally controlled lands are especially problematical.
Not only are they our most mineralized regions. We have no idea what is actually there. And we are not permitted to evaluate their mineral potential, in order to make informed, rational decisions about how they should be managed — to balance environmental protection and preservation against the raw material needs of a modern industrialized, technological nation.
Since then, the situation has worsened steadily, especially during the Obama years. Even supposedly available lands are mostly inaccessible, because bureaucrats refuse to issue permits.
Perhaps worst of all, much of this steady lockdown resulted from a concerted, irresponsible effort to place lands in wilderness and other highly restrictive land-use categories — often with the deliberate purpose of preventing anyone from ever assessing or accessing their critical and strategic mineral potential.
A recent US House of Representatives committee memorandum summarizes growing congressional concerns. A groundbreaking book — titled Groundbreaking! In concise, plain language, geologist Ned Mamula and Silicon Valley expert Ann Bridges explain why we must literally break ground in these areas … and drill down to find out what minerals are in them.
Their key points must be pondered, absorbed and acted on by all who care about our security and prosperity. In fact, we cannot even mine major deposits when we know their precise location, composition and value.
We need to know as much about subsurface values as we do about surface values, if we are to make informed decisions. The wealthy, powerful, increasingly radical environmental industry exacerbates these vulnerabilities. Constantly changing technologies mean constantly changing materials needs and renewed exploration.
The United States must apply these lessons in devising better ways to handle land withdrawals, environmental reviews and permitting — with the White House, Congress, universities and the private sector leading the way on public discussions and positive initiatives.
Failure to do so violates the most fundamental principles of national security and responsible government.Averting Looming Energy Crisis Daily Trust Abuja. and stay low for a long period with a possibility of absolute fall in demand for oil and a related impact on the price of gas.
Continuing low oil prices cause crisis in Oman. And the impact of the crisis isn't limited to those directly employed in the oil industry.
An oil crunch is looming on the horizon in the. Feb 25, · The rising price of oil can have dire consequences on any economy, and with the unrest in Libya, things are not looking good at the pump here in the United States.
Aug 16, · The gulf crisis hurt consumer confidence and snagged business spending on new plant and equipment. The slide into recession, together with the steep costs of . The coming global oil peak will have an overwhelming impact on California as the 10th largest energy consumer in the world, with a transportation sector consuming 46% of that energy (i.e., oil).
Jun 06, · Iran's not the only wildcard for oil markets: Venezuela’s deepening political and economic crisis is, not surprisingly, another major source of anxiety.