As anyone living in America knows, the first vonsequence of oil scarcity is rising prices. Although a certain amount of false inflation inevitably occurs whenever scarcity is announced, there is an undeniable fact that the rarer something is, the more we have to pay for it, and need becomes dictated by price. Fortunately, because oil scarcity can be measured by methods such as the amount of water in the crude being drawn from the ground, we will have a sort of build up before it disappears altogether, allowing us to hopefully come up with viable alternate forms of energy. But with so many products (like plastics) also being made from oil, we could see a spike in their prices as well, or a return to more natural and less processed building materials.
I hope this helped!
Plastics, synthetic rubber, paint and chemical feedstocks together use less than 3% of crude oil.
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