When the Oil Wells Run Dry
Oil is good to the last drop, and we may see the last drop in our lifetimes. According to a new report by British bank HSBC, the world may only have 50 years of oil left and 176 years of coal. Energy security will become a bigger issue because the geographical concentrations of fossil fuels like oil, natural gas and coal shifteconomic power to countries that produce them. Furthermore, increasing energy demands from developing nations like China could also cause a rise in energy prices, according to HSBC, on the world’s largest banks. The report recommends greater investments in biofuels and alternative sources of energy, particular sources with smaller carbon footprints.
Karen Ward, HSBC senior global economist, discusses in the video below the impacts of the increasing international demand and dwindling supply for fossil fuels.
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