During the last century oil has transformed the world. No other material has so profoundly changed the face of the world and affected so many people in such a short time as has oil. Oil derivatives – gasoline, kerosene, and naphtha – fuel more than 600 million vehicles worldwide. Therefore, without oil there would probably be no automobile industry. But oil is more than energy. It’s the key to feedstock for plastics, medicines, clothing, pesticides, paint, and thousands of other products. Thus, oil has become a vital part of industry, agriculture, and fabric of society at large.

        We have all heard people say that the world is running out of oil. We have also heard others claim that there is plenty left. One thing is clear: oil is a finite resource, and we are using it at an exponential rate. The "petroleum era", as some geologists call it, is rapidly coming to an end. Unlike many people who usually ask, "How long will oil last?" I am not so worry about when oil will be out of business. What seems to really matter is when oil production begins to tamper off. I also wonder what will happen after that. How will life be without oil?

        In the article, "The End of Cheap Oil" published in the March 1998 issue of Scientific American, oil analysts Colin J. Campbell and Jean H. Laherrère provided us with an interesting analysis based on the discovery and production of oil fields around the world. They noted that we have already consumed nearly half of the world’s ultimate resource of oil. So, they predicted that we have until before 2010 to enjoy "cheap" oil. After world’s production peaks oil still will be readily available at a higher price, though in slowly declining amounts, for at least 50 to 60 years. They attribute the end of the "cheap" oil era to a combination of increasing demand and the fact that the oil will be increasingly difficult to pump from the ground, so the supply of conventional oil will be unable to keep up with demand. But even this event is already affecting us in many ways, which indicates that a decline in world oil production will have serious consequences. However, the transition to the post-oil economy need not be traumatic.

        Many reports showed that this would be a short-time crisis but a chronic shortfall. According to the energy expert W. Youngquist, in his article "Spending our great inheritance – then what?," global economy will readjust and new sources of energy will be employed fully, but replacing oil in its great energy use versatility probably will not be completely possible. Replacing the role of oil in agricultural production will be the most critical problem, and may not be entirely solvable. World population will have to adjust to lesser food supplies by a reduction in population. The lifestyles of high energy consuming nations will become much simpler and the focus of society at large will be much directed toward securing the basics of existence.