Question

Will we ever run out of oil? Why or why not? How might this question relate to the concept of elasticity?

Answer 1

Answer;

Like every other natural resources oil is also finite resources and it have limited quantity in deep inside earth. There are huge chances that we ran out of fossil fuel since its slow and very long process to reproduce and the way we are using it surely we are going to empty those resources in near future.

Many predictions that we will run out of oil after a certain period of time are based on a flawed understanding of how the reserve supply of oil should be assessed. One typical way of making the assessment uses these factors:

1. The number of barrels we can extract with existing technology.
2. The number of barrels used worldwide in a year.

We humans are using this oil in many activity and also using fuel blindly. As we have seen that daily the demand of the oil is getting heavy and due to this prices of oil is increasing day by day.At least not in a physical sense. The world is no longer at risk of running out of oil or gas, with existing technology capable of unlocking so much that global reserves would almost double by 2050 despite booming consumption.Compare the prices of oil in 2000 to 2018 you can see huge difference in this period as well as demand of oil in this period getting very high. Change in the quantity has changed the price of oil in these years. In all these year demand for oil only has increased and that has eventually raised the price of oil and different oil product over the time.