DYNAMIC
What was the original purpose of
petroleum?
Petroleum was originally used toi create
kerosene which in turn was used for lighting.
USE OF
At the time,an important factor on oil was not
only
the
lack
of
automobiles,
but
the
lack
of
a
P E T R O L E U M safe refining system that could effectively and
efficiently make oil. There was also a lack of
By Augustine Chan
knowledge/research on the subject as well as
the technology to distill petroleum into actual
What is petroleum?
engine fuel.
a liquid mixture of hydrocarbons that
is present in certain rock strata and
can be extracted and refined to
produce fuels including gasoline,
kerosene, and diesel oil; oil.
Petroleum is often used to power cars,
and is hence non-renewable as when
burned (to power the car) it produces
carbon monoxide.
Petroleum is extracted from sublevels
of the earth through drilling
operations.
How did Petroleums value change?
With the initial creation of automobiles, petroleum
quickly rose in value, as it was one of the main
components. Thus more people demanded for
petroleum, and with the advancement of
technology, oil has also become a very integral part
of our lives, providing the creation of energy and
such. Therefore, Petroleums economic value has
decreased. However on the other hand, Petroleums
political value has also been shown to fluctuate. Due
to the scarcity of Petroleum, many geopolitical wars
were fought in order to secure it. However, with the
issue of scarcity resolved, Petroleum, while still
having high political value, as more countries are
shifting towards more global market share battles, it
has become more economically valued.
What does this change in Value hold for society?
As oil has become more economically valued, it has made more countries susceptible to
several issues. One very prevalent issue right now is the impact of several on going
conflicts, case in point-the Russian Ukrainian war. Due to the emergence of the Russian
Ukrainian war, oil trade has been negatively impacted, with Russia being a major player in
the oil industry. Hence, society has suffered an influx of inflation, especially in USA to cover
the more expensive costs with the sudden stagnation with oil production. The stagnation
or cease in production from the side of the Russians has also lead daily commodities to
steadily increase in price. While with oil becoming much more economically valued it has
not only helped boost the economy, and hence the livelihoods of several householdscreating more job opportunities, gaining them access to new technologies, etc. However,
due to the huge economical importance of Petroleum and oil, it also makes markets very
susceptible to damages and attacks, leading to a drastic inflation in prices, further
threatening the livelihoods of these households, especially ailing ones who may not be able
to pay for these new inflated goods.
What changes do we expect to happen in the future regarding Petroleum?
With more people favoring the use of renewable energies, fossil fuels such as petroleum
has gradually lost in favor. It is due to this, I firmly believe that in the future, Petroleum
will be less valued; with the emergence of several renewable sources of energies, once we
are able to effectively and efficiently produce these energies, the need for fossil fuels will
diminish. If all factors mentioned such as the discovery of effective production of
renewable energies are fulfilled, petroleum will no longer be needed in the future. Hence,
leading to a much more sustainable environment.