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‘If the article is right and techniques such as fracking mean that “it’s time to forget about peak oil” then do you agree with the final assertion that this “can only be a good thing”?
Fracking is a process used to extract oil from rock formations, involving the injection of water, sand and chemicals into the rock. this causes cracks in the rock that release the much sought-after oil.
The increase in fracking in the USA has caused US oil production to surge to a 20- year high, with 7 million barrels per day being produced in November and December 2012.
But is this purely a good thing? Well, no. It has meant that the USA has become far more self-sufficient in oil, and while this may sound like a positive, its certainly a big negative for oil-exporting nations. In 2005, the USA had to import two thirds of its oil, and by 2012 it was importing only one third.
Africa is being particularly hard hit by this. Nigerian oil exports to the USA plummeted by 53.7% and Angolan exports by 67.5% between December 2011 and December 2012. The economies of these nations rely heavily on oil exports and as the USA is already a developed and rich nation, this will only drive and expand inequalities in wealth between countries.
Plans have already been made for fracking to be exploited in Europe. The only main benefit i believe that can come from this is less reliance on Russian oil. This is particularly important due to the recent events between Russia and Ukraine, as if the UK sanctions Russia over the crisis with Ukraine there is the possibility of the gas exports being stopped.
The fact is, crude oil is a finite resource. I believe we need to stop being so reliant on oil and focus more on developing alternate energy sources, as it is inevitable that oil will become unaffordable. Yes, i think fracking is potentially a good thing for the moment as it will postpone peak oil and buy us more time to find alternate energy sources but we cannot rely on it long-term. The solution is to stop using so much oil and being so reliant on it, rather than to search for more ways to obtain oil.