World Oil Crisis

Lee Casey
Ógra Shinn Féin
An Lorgain

Oil has long been the food that has fed the capitalist beast that is the global economy. Oil has been the motive for many a war as demonstrated by the on going US and British occupation of Iraq.

However oil will not last forever. The geological process which creates the stuff takes millions of years and even the most optimistic scientific experts have projected that all known oil reserves will be depleted by the end of this century. Humanity is currently consuming the last crumbs from earths table.


We will one day live in an oil-less society. The demise of oil as an energy source isn’t just disastrous for human transportation. Oil is used to make plastic which is key in the production of important medical equipment. The price and supply of oil also has a huge effect on global food prices. One example would be rice. Rice is the staple diet of two-thirds of the world’s population. The weakening of the global economy which has had a knock on effect on the price of oil has resulted in the price of rice increasing by 50%. This has hit the poorest people in the world the hardest.

The Organization of Petroleum Exporting Countries (OPEC) is made up of thirteen countries that control two-thirds of the world’s oil reserves. Despite global oil supply increasing, OPEC has failed to increase oil production in an attempt to calm the market. Basic supply and demand and the weakening global economy have increased oil prices. Oil prices have increased by 40% this year alone, a barrel of oil now costing $139. The thirst for oil is already a huge problem, but with the emerging economies of India and China, demand is far out-running supply.

All the complexities of the production, and economics that surround the oil industry, cannot and should not divert us away from the fact that oil is running out. If the proper steps are taken now then the end of oil as an energy source would not be so apocalyptic. More investment into renewable sources of energy if done effectively would create more jobs as well as prepare us for the onset of an oil-less society.

Not only should there be investment into renewable energy sources, there should also be a greater emphasis on research into renewable energy, with an aim of maximizing energy efficiency. Some forms of wind turbines are so insufficient, that if the whole of Ireland were to be covered with them, the turbines would only generate enough energy to power just Belfast.

We must also be careful that in the construction and positioning of renewable energy sources we do not damage wildlife habitat or the wider environment. We would only be robbing Peter to pay Paul.

Governments and the international community setting reachable targets in the gradual phasing out of oil and other non-renewable energy sources would also bring about greater change at a faster rate. The world should look to Sweden for such an example. The government of Sweden announced in 2005 that it intended to make Sweden the first country to end its reliance on non-renewable energy sources. If Ireland were to follow suit then it would not only be a good thing for the environment and the biosphere. It would protect the Irish economy from the dangerous price fluctuations that have been seen recently and ensure stability in the supply of energy.