The Concept of Hydrogen Fuel One Day Replacing Crude Oil as the Worlds Essay

The Concept of Hydrogen Fuel One Day Replacing Crude Oil as the Worlds Primary Energy Source - Essay Example Peak oil and the reliance of Western economies on crude oil imports for the operation of the economy points to the world reaching a critical point where demand for petroleum products outstrip supply and prices surge, raising the costs of transportation and delivery in society. Because of this economic threat caused by the nature of global petroleum reserves, society needs to plan ahead and develop new energy sources that are â€Å"Green† and sustainable. In reviewing options such as solar power, geothermal energy, and wind-generated electricity, the best option for the future may be Hydrogen power, as Hydrogen is a clean-burning, widely available fuel that can be used to fuel the automobile culture and other energy needs of society as civilization enters a new era in the future. There are many reasons why Hydrogen can be considered an ideal replacement fuel for petroleum in the future. First, the automobile pollution created by millions of cars around the world is one of the l argest contributors to global warming through carbon emissions, as well as introducing other harmful pollutants into the atmosphere. Secondly, the automobile-based economy uses petroleum products as fuel, even though these resources are unequally distributed geographically around the globe and not every nation produces enough oil from nature reserves to meet supply. Third, there is a â€Å"Peak Oil† theory that suggests the total quantity of oil reserves internationally is finite and limited, and that production at current oil fields is declining. (Bardi, 2009) These factors predict higher gas and oil prices with subsequent effects on the global economy, as well as environmental destruction.   

International trade Essay Example | Topics and Well Written Essays - 2500 words - 1

International trade - Essay Example China is fast approaching the value of the United States in terms of exports and is an important destination for imports. India and the Asean countries have also shown export growth in these years. India’s export growth is fast growing that is already similar to China. In the same way, Asean countries take action to China’s competition as its merchandise exports particularly in manufacturing grew by 18% in 2006. Likewise, European’s growth is inspired by the rising business and consumer confidence. European Union is the second world biggest exporter and importer of goods and services. Second, the strong economy is boosted by demand for commodities needed for industrial manufacturing and infrastructure development, such as metals and oils and is highest in 2007 that displayed the highest price movement (Chart 4) Chart 4: Export prices of selected primary products, 2005-2007 Annual % change a Comprising coffee, cocoa beans and tea. Source: IMF, International Financ ial Statistics. Source: World Trade Organization, 2008 Third, the strong regional developments have been accompanied by strong growths in merchandise trade as Table 1 would show. The strong economy of the emerging countries is accompanied by strong exports and imports. Fourth, export growth receives continued support from the world economy. As table 1 below shows, the combined merchandise exports of major economies integrate into the strong export growth of the world of 6.5% in 2005, 8.5% in 2006 followed by a decline of 5.5% in 2007. In 2007, effect of recession is starting to appear as trading slows down in most of the countries, with exception of the emerging economies that displayed its strength beyond crisis. We have seen China, Asia and India emerged as strong exporters. Table 1: GDP and merchandise trade by region, 2005-07 Annual % change at constant prices    GDP Exports Imports    2005 2006 2007 2005 2006 2007 2005 2006 2007 World 3.3 3.7 3.4 6.5 8.5 5.5 6.5 8.0 5.5 Nor th America 3.1 3.0 2.3 6.0 8.5 5.5 6.5 6.0 2.5 United States 3.1 2.9 2.2 7.0 10.5 7.0 5.5 5.5 1.0 South and Central America a 5.6 6.0 6.3 8.0 4.0 5.0 14.0 15.0 20.0 Europe 1.9 2.9 2.8 4.0 7.5 3.5 4.5 7.5 3.5 European Union (27) 1.8 3.0 2.7 4.5 7.5 3.0 4.0 7.0 3.0 Commonwealth of Independent States (CIS) 6.7 7.5 8.4 3.5 6.0 6.0 18.0 21.5 18.0 Africa and Middle East 5.6 5.5 5.5 4.5 1.5 0.5 14.5 6.5 12.5 Asia 4.2 4.7 4.7 11.0 13.0 11.5 8.0 8.5 8.5 China 10.4 11.1 11.4 25.0 22.0 19.5 11.5 16.5 13.5 Japan b 1.9 2.4 2.1 5.0 10.0 9.0 2.5 2.5 1.0 India 9.0 9.7 9.1 21.5 11.0 10.5 28.5 9.5 13.0 Newly industrialized economies (4) c 4.9 5.5 5.6 8.0 12.5 8.5 5.0 8.5 7.0 a Includes the Caribbean. b Trade volume data are derived from customs values deflated by standard unit values and an adjusted price index for electronic goods. c Hong Kong, China; Republic of Korea; Singapore and Chinese Taipei. Source: WTO Secretariat. 1.2 Distinction between tariff and quota and why tariffs are preferable to q uotas (i.e. quantitative restrictions) as a method of controlling imports Tariff and