What do peak kerosene heating oil prices mean for you?
We all know that kerosene heating oil is going to run out one day. However, are we closer to that day than we think? Crude oil is a commodity that is used to produce a number of applications including; kerosene heating oil, polymers, plastics, diesel and petrol fuel. So should we really be worried about the availability of kerosene heating oil? It appears that production rates are continuing to fall and makes us wonder if the maximum point of kerosene heating oil production has been reached. The only thing we know for sure is that the world’s supply of crude oil will eventually run dry.
If we have indeed reached peak oil, that spells bad news for all of us. As oil becomes scarcer, humanity will need to find other means of producing vehicle and heating fuels as well as plastics; in fact, we’re already exploring the alternatives in an attempt to combat resource depletion and climate change caused by fossil fuel emissions. These needs will become more pressing in future if crude oil resources are as scarce as some fear, but there’s another factor you need to be aware of should peak oil have been reached: the price. As the world’s oil fields begin to offer scantier yields, the wholesale price of crude oil will inevitably soar. Needless to say, this will come back to affect you, the customer, as petrol, diesel, kerosene and plastic products become increasingly expensive. All of these issues may yet emerge if peak oil has been reached and the world’s oil supplies are dwindling, but many believe that the very notion of peak oil itself is in fact a myth. The reason so many people subscribe to the notion of peak oil is that major oil fields in Russia and the Middle East are now beginning to run dry.
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