The impact that an exhausted oil supply would have on our lifestyle largely depends on our ability to rely on alternative sources of energy. For example, even though solar energy is largely becoming a popular method of creating a renewable source of power, the unreliable nature of the weather and the limited amounts of electricity that solar technology can produce are setbacks that scientists face at present. As you can imagine, transportation would be the main area that would be affected through a shortage in oil, and this is because this valuable commodity is refined in order to make the petrol we use to fuel our cars.
It’s also worthwhile to note the financial impact that it could have on our lifestyle. At the moment, although fuel prices are high, electricity prices are relatively modest. However, have you ever considered what an upsurge in demand for electricity would mean for the prices that are levied onto us by energy companies? From an economics perspective, if demand for electricity outstrips supply, prices will continue to rise and this could mean that we will be more selective over watching the TV, surfing the Internet or having lights on in the house. We could develop a mentality that unless we absolutely need it, electricity can be too expensive for us to use in our everyday lives.
Oil supplies aren’t expected to become exhausted for years to come, so we shouldn’t worry too much at the moment. By the time that this form of non-renewable energy begins to diminish, we will have new alternatives to rely on to bring us into the future.
If all the worlds oil supply "SUDDENLY" get exhausted, then it would be catastrophic for the world economy because, there would be no electricity which has become a primary necessity. No electricity, no lights, no computer, and no microwave oven, no fridge, no machines to do the mass production of various food products, specially ice cream. All transportation would be in a halt. Cause, engines needs gas to run and gas is one of the many by products of oil. Engines are the key component of a vehicle. Even ships and airplanes won't work because those also defends on oil products. Basically, we would be stepping back by atleast a century. But it may not be the whole world because the United States of America has Nuclear power plants to provide electricity and we have natural gas to provide some more additional power resources but the rest of the world would be in a chaos.That is why the Government is working on finding new energy resources, such as hydrogen operated cars. Or ethanol, or methane and also started on harnessing power from the wind and the sun. Because sooner or later, oil deposits would really run out.
If oil get exhausted how will it affect our life style
We cannot drive cars any more.