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It’s a question that’s been asked more and more frequently in recent years, as the price of crude has fluctuated and the availability of oil has become increasingly strained.
The answer, quite simply, is that it would be a major problem. Oil is the lifeblood of the global economy, and a sudden shortage could bring it to a screeching halt.
Transportation would be one of the first industries to feel the pinch, as cars, trucks, trains, and planes all rely on oil to run.
Oil is also a key ingredient in many products we rely on, from plastics to medicines, so a shortage could cause widespread shortages of essential goods.
The good news is that the world is starting to take steps to prepare for a future without oil.
Electric cars are becoming more popular, and alternative sources of energy are being developed. But it will take time for these changes to have a major impact, so we need to be prepared for a future without oil.
