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To understand the economics of oil you have to think of it as a raw ingredient rather than a fuel source. Even if you stop burning it (which I think is a terri
by dsl 6y ago
To understand the economics of oil you have to think of it as a raw ingredient rather than a fuel source.
Even if you stop burning it (which I think is a terrible idea), you can't live without oil. Antiseptics, rubbing alcohol, paint, aspirin, toothpaste, shoes, pens, bike tires, computers, etc. require it for modern production.
Heck, a standard solar panel plopped on top of your home requires just shy of a full barrel of oil to produce.
- andybak 6y ago> Even if you stop burning it (which I think is a terrible idea) It's possible to interpret this sentence to mean two opposite things.
- labawi 6y agoAccording to [1], non-fuel use of petroleum is 16%. Of those 16%, I'd guess most uses have an alternative, even if less convenient. Most of the things you listed don't specifically require oil, just hydrocarbons transformed in series of steps. Oil is a strategic resource for energy and not much else important. There is short term manufacturing dependence, but most countries should have sufficient reserve capacity, currently for fuel use. https://www.globalpetrolprices.com/articles/39/ https://www.globalpetrolprices.com/articles/39/