What are some of the initial problems that occur when the world’s oil runs out.
1. Economic recession: The global economy heavily relies on oil for transportation, manufacturing, and energy production. A sudden shortage of oil could lead to a spike in prices, causing inflation, unemployment, and disruptions in supply chains.
2. Energy crisis: Oil is currently used to produce electricity, heat buildings, and power vehicles. When oil runs out, there will be a significant shortage of energy sources to meet the world's needs.
3. Transportation issues: Oil is the primary fuel for cars, trucks, ships, and airplanes. Without oil, transportation systems will grind to a halt, leading to disruptions in trade and daily commute.
4. Food shortages: Oil is a key component in agriculture, including the production of fertilizers, pesticides, and transportation of food to different parts of the world. A decline in oil availability could lead to food shortages and price hikes.
5. Environmental degradation: As the world's oil reserves diminish, there may be a rush to exploit alternative energy sources, such as coal and natural gas, which can have detrimental environmental impacts, such as air and water pollution.
6. Political instability: Oil-producing countries heavily rely on oil revenues to fund their economies. When oil runs out, these countries may face economic collapse, leading to social unrest, conflicts, and political instability.