If Oil becomes scarce

Question

What would happen to the world if say the entire middle east stopped the supply to the rest of the world for a short while.

Will the world come to a halt?

Will the middle east suffer?

Answer 1

Only time will tell...

Answer 2

Oil is already scarce hence the prices!

Answer 3

If the oil stops there will be anarchy, war, famine, revolution.

Answer 4

then we'd have to drive those cars that run on water man

Answer 5

US would invade I'd imagine.

Answer 6

There would be a new invention called WALKING.!!!

Answer 7

I think this will be the day of leaving the Iraq for USA.

actually not the middle east wll suffer USA & UK will suffer, but i think they will try to attack any another country which have ane other energy source.

Answer 8

Pedestrians will rule the world.  

Answer 9

Oil is not verrry scarce, but its production has reduced.  I don't think we'll run out of oil for a while though- just we need to stop having lots of dependence on it.  But the world would be pretty chaotic if oil ran out / if they stopped producing it.

There would be riots.  Prices of oil would soar.  There would be long lines.  Food prices would go up and there would be much anger and demand for off shore drilling.  There would also be much anger in the middle east.  Tension would go up.  Wars would start.  Things would be bad.

But I doubt this would happen.  Because it would create too much bloodshed and instability.  They wouldn't do that.

Answer 10

Well it would take a very long time for Oil to become scarce not in our lifetime but I hope by them we found a new source of energy.  I would say things would eventually move to electric with solar energy, wind and water

By the way the only reason we have a supply problem is because OPEC purposley cut back to raise prices.  In Alaska we have enough oil to last us 50 years alone and that's with increase usage.

Answer 11

If this happens most likely what will happen is massive amount of distress and chaos.. but however it will probably most likely come down to some negotiations.. Middle eat will suffer as it is one of their sources of economy. if there is no oil supplied people will suffer lose jobs, money. the stock market will drop quite badly to certain degree. planes tickets will jump in price dramatically. Pretty much chaos for everyone.. the world works around trade as oil is a very good source of energy.. the world will not halt.. but it will slow down VERY BADLY and do alot of damage to the economies.

Answer 12

all of the above

Answer 13

Well oil is the biggest export of the middle east - so first and foremost they'd cripple their own economy.

Last I heard, the United States had enough oil reserved for about 20 years of usage.  So we'd be alright for a while, but you'd see major rationing (similar to the 70s).  Also, alternative fuel would immediately become the forefront of American R&D.

It would change the course of the world, truthfully.  But we need to get off fossil fuels eventually, so it wouldn't be catastrophic (save for the economy of the oil producing contries.  They'd be screwed)

Answer 14

lets justbe thankful that that probly won't happen,  ... i hope

Answer 15

The world is perpetually moving so no; there is no chance of the world coming to a halt.

The middle east seems to suffer with Oil - who knows how things will turn out!

Answer 16

Necessity is the mother of all invention.

The middle east runs the risk of losing their stronghold as the supplier of the primary source of fuel should they decide to stop supplying all altogether.

Let's say the middle east decides to stop supplying oil tomorrow -- and I do mean just give us a rude surprise and say NO MORE OIL FROM NOW ON.

Initially, there's going to be a panic in the world market.  You're going to see a lot of people rushing madly to the gas stations trying to fill up all their car tanks with gas.  You'll probably even see people bringing extra containers to hoard gas.  As a reaction, gas stations are either going to jack up prices to astronomical levels to take advantage of the panic buying.  When the world governments see this, they are likely to implement a gas rationing scheme where only certain plates can load gas on certain days... and only to a limited number of liters/gallons.  In other words, chaos, panic, rationing.

This scenario is good for the middle east so long as they allow a trickle of gas to reach the market -  just to keep the market thirsty and willing to pay their exorbitant prices.  (see what's happening now, gas is at an all-time high, people are complaining, yet people are paying these crazy gas prices)

However, this is a dangerous game that they are playing.  Make the people too "thirsty" and they're going to start thinking of other ways of coping.  In other words - ALTERNATIVE FUEL!  If fuel becomes too scarce that finding a source is too difficult... or if fuel becomes too expensive that it's over what most people are willing to pay/tolerate, then people will start looking at other ways of fueling their machines, cars, factories.  

Already, we're seeing some sectors move in this direction.  First was the switch to lower-priced, lower-octane alternatives to deal with the rising gas prices.  Soon came the switch to ethanol-mixed fuel.  In my country, you can see the motor sales highly skewed toward diesel engines and/or lower powered cars that give more milage to the liter.  Recently, I've read testimonies of people modifying their cars to run on a H2O-petrol mix that gives the car better mileage per liter.  

At worst case (for OPEC) of maybe best case (for the rest of the world)  If this keeps up, the some one who is currently working in an unknown lab somewhere will come up with engines that are totally independent of petrol.  If that happens, the middle east will definitely suffer as their economy is heavily dependent on their oil export.  However, think of how liberating that's going to be for the rest of the world.  Let's just hope that the new fuel source will be something that is readily available everywhere, and that it's a renewable resource.

In turn, the lessening demand for oil would drive prices down.  OPEC, with their over supply (hoarded oil) and the lower demand (lessened need for oil in the world markets), would be forced to lower their prices in the hopes of boosting sales.  However, the cheaper alternative to oil and demand would continue to diminish.  This situation would make countries that rely greatly on oil export to suffer economic downturns.

That being said.. I can hardly wait for this to happen! (The alternative, renewable, eco-friendly fuel source, I mean.  Gas prices these days are a Bi7(|-|!

Answer 17

We're doomed. Doomed.

Go to the Outer Hebrides and start learning how to be self sufficient.

A Mad Max scenario would be amusing, but remember that it's the Army that has all of the guns.  And when they face starvation they may (will) train them on us.

Just how close are we to the end? more than you are wondering this. They reckon that anarchy is just (an absence of) four meals away. But how far away is that point?

I'm sure the island option is the right one, you'll always have fish.

Answer 18

We will be running on pure ethanol fuel D:

which we are right now E85 fuel you know :P

Answer 19

the world will almost come to a halt, but dont forget each contry has its own stockpiles. so healthcare and emergency services wont suffer as much as the consumer. (for a good few years)

the middle east would be fine, but they'd be hit financially for the period of time that they're not producing.

mind you it's nothing in comparison to the price that they'd be able to charge.

dont forget the middle east is not the only oil reserve, it just happens to be one of the most oil rich...

bearing in mind however, oil fuels modern militaries, so if these countries wanted to delay oil, then they could fund a HUGE military.

thus the "war on terror"

Answer 20

In the short run, that is why we keep reserves in our country. Barack Obama has recommended we use our strategic oil reserves to reduce the price of gas. Now that is a silly strategy.

We do have energy sources in our country.  For example, all the oil we pull from Alaska get exported to Japan, because it's closer to ship.  The Wasatch Range in Utah has huge reserves of oil and natural gas.  Colorado has massive reserves of oil shale.  We have lots of coal.  And we have Uranium for nuclear power.

We haven't chosen to tap our own resources because it's always been cheaper and more convenient to import the oil.  But times are changing, and we are getting more creative.  

No, the country won't shut down.  It could get a little uncomfortable for a while, but America will figure it out.  Have faith in the dream.

Answer 21

Well I think we are starting to make progress in other areas of energy resources. We unfortunately are not going to power the world by wind and solar, it's just not plausable.  However the development of Hydrogen power will be hopefully a big step forward.  We are an intelligent race and I have faith that we will find our way through this.  It may take the increase in prices and scares about the amount of oil left until governments take action, but I believe we will evolve again.  Don't forget we have a long time until oil 'runs out' it is just becoming more and more expensive as it is deeper and deeper.  The middle east are now investing their money in renewables in order to safe guard their future, so it is not the end for them.

Answer 22

The world would come to a halt because no one could transport or manufacture anything, and yes the middle east would suffer, they haven't got much else to sell.

Answer 23

America would have to bring its "war on terror" to somewhere else...

Answer 24

Without Oil, the world will be thrown back 100/yrs to the days of Horse, Buggy, and Walking Sticks.

Answer 25

Russia still has a fair bit of oil/gas to give to the world. I just think it would force the price even higher. The arabs wouldn't suffer, the vast majority of them could retire tomorrow and have no financial concerns for the rest of their lives. It's as usual, all of us lot who would suffer. If it got worse, we would simply find a new way opf getting about. We're humans, thats what we do. Throw an obstacle in front of us and we look for ways of getting around it.