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Depletion of oil and Energy

From running big industries, food processing to making settlements on barren lands. From traveling to space to digging mines. From transportation to saving lives, oil and energy is an integral part of our day-to-day lives. The oil and gas industry is a major sector of growth for the economy. It has laid strong foundations for business opportunities and a part of it goes into making public sector undertakings.

Forms of energy used worldwide:

1) Oil

2) Gas

3) Water

4) Wind

5) Solar

As we know Oil and Gas are non-renewable sources of energy. Oil is the world’s primary energy source, therefore its consumption should be assessed as we are in the phase of depletion. The other sources like water, wind and solar energy are eco-friendly, therefore energy production from these sources yields maximum energy output over the years than the investment made at the beginning of these projects.

Why oil is the best source of Energy?

It produces high energy output. Move vehicles faster and longer than any other energy source.

Petroleum Products are used to:

· Propel vehicles

· Heat buildings

· Produce electricity

· In the industrial sector used for plastics, polyurethane, solvents.

Hazards of Oil consumption:

a) Hazards associated with extraction:

•Oil and Gas drilling is a risky business due to the multitude of offshore oil spills as it poses a major negative impact on wildlife and vegetation.

•Interference of animal habitat not only disrupts their nesting but also the breeding pattern.

•Oil spillage is a major threat to water life as well.

b) Transportation: It requires special logistics and should be dealt with with the utmost care from the extraction point to the processing unit as it is a highly flammable substance so keen observance is required.

c) Refineries: The site for cleaning and converting the crude oil into petroleum, diesel, paraffin, aviation oil, kerosene, engine oil, LPG, lubricant oil, tar, and pitch. All the processes used in the extraction of the above by-products result in the release of dangerous and poisonous gases in the air and effluents in water thus contaminating the environment.

d)Usage in day to day lives:

•All plastics and synthetic rubber are made from petroleum.

•Beauty products like lipsticks, petroleum jelly, and nail paints are made from the same.

•From Transportation, running of mega factories, lubricants used in industries to lighting a stove inside the home, its role is massive.

•Burning of oil, natural gas, and coal releases greenhouse gases in the air which contributes to global warming.

Global Status:

In the article of Petroleum Geology Conference Series by C.J. Campbell, oil provides 40% of traded energy, 90% of transport fuel and its role is critical for agriculture. The consensus of published reports of the total endowment of conventional oil is just under 2000*10^9 barrels. To this, the addition of bitumen, heavy oils, deepwater oil, polar oil, and natural gas liquids forms a total of about 2700*10^9 billion barrels of petroleum liquids (bbl).

Experience to date shows that the peak of consumption in any country comes at, or before, the midpoint of depletion. We should prepare for the transition phase of declining oil and gas reserves. According to world oil reserves we have reserves equivalent to 46.6 times its annual consumption level.

Recession is the major effect of oil depletion that the world will face, therefore this fossil fuel should be consumed in a way that also paves a path towards its replenishment meaning buying time for the reserves to rest.

World Energy Outlook 2021:

It is an annual report published by IEA that provides critical analysis and insights on trends in energy demand and supply.

Fossil fuel used by scenario, 2020, 2030 and 2050

Oil demand levels of at 104 million barrels per day (mb/d) in the mid-2030s and goes down very slightly to 2050. The oil used in road transport increases by around 6 mb/d through to 2030 with a sharp rise in 2021. It increases by close to 8 mb/d in aviation, shipping, and petrochemicals. In the Announced Pledges Scenario (APS), the global oil demand will peak after 2025 at 97 mb/d.

Natural gas demand will increase over the next 5 years. It will grow to around 4500 billion cubic meters (bcm) in 2030. It will remain the default option for space heating.

Coal will face a decline in all scenarios. Its demand will slightly increase to 2025 and then may see a fall.

Oil in India:

According to the Oil Reserves of India, India has proven reserves equivalent to 2.9 times its annual consumption. Without the imports, there are about 3 years of oil left at current consumption levels.

India has storage of 5.3 million tons of crude oil, including 1.5 mt in Mangaluru, 2.5 mt in Padur, and 1.33 mt in Vizag.

In the Renewable Energy Country Attractiveness Index, India ranks third as stated by Ernst and Young Global Ltd. firm.

The International Energy Agency (IEA), an autonomous intergovernmental Organization established in the wake of the 1975 oil crisis works with countries all over the world to shape energy policies for a sustainable future. India is one of the eight countries that are in partnership with IEA.

In their Indian Energy Outlook 2021, they have stated that India’s primary energy consumption almost doubled to 1,123 million tons of oil equivalent as the GDP expands to USD 8.6 trillion by 2040. India is currently the fourth-largest energy consumer after China, the United States, and European Union.

Need of the HOUR:

Reducing global consumption of oil and other fossil fuels is important due to alarming rates of depletion if we want to build up a sustainable environment for us and the future generations to come.

· Education and awareness among people.

· Carpooling and use of public transport should be encouraged to cut down the carbon footprint.

· Avoid purchasing plastics and involving reusable products in day-to-day lives.

· Installation of filters in gaseous outlets of industries as well as in exhaust pipes of vehicles.

· Go zero waste.

· Buy local (saves the fuel and energy used in transportation).

· Cut power used at home and offices. Unplug appliances (sucking phantom energy) that are not in use.

· Afforestation of sites after completion of projects used in the extraction of resources.

· If proper drainage of oil and other non-renewable sources of energy is done, they can be safely recycled or disposed of.

· Alternative sources of energy nuclear power, solar power, ethanol wind, and hydropower should be used.

“The social and economic benefits of accelerating clean energy transitions are huge, and the cost of inaction are immense.”

-Fatih Birol ( IEA Executive Director)

The world is a global village and has been living up on oil, a centuries-old legacy of nature, and has been fulfilling the everchanging needs of mankind, and now it's our turn to put a stop to its dying reserves. We need to come together and take steps towards building a sustainable lifestyle.

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