ASU World Problems Lesson 5 Reply – Description
Respond with at least 150 words to each Discussion
Discussion 1
Renewable resources are natural energy sources that can be replenished anytime or at a faster rate than is consumed. Some examples are wind, sun, water, and geothermal sources of energy. Non-renewable resources can be naturally infinite energy sources that cannot be replaced or replenished when depleted (Hite et al., 6). Examples are fossil fuels such as coal, oil, and natural gas.
Oil-exporting countries over-depend on oil revenues to bolster their economies. When oil prices decrease, like in 2014-2016, it can have severe economic crisis for these countries (Hite et al., 9). For example, Venezuela suffered from a deep economic crisis when oil prices dropped sharply because of its overreliance on oil exportation. The decline in oil revenues contributed to fiscal deficits, social unrest, and hyperinflations, and negative effects to the stability and the economy of a country. Furthermore, when oil prices increase, it increases the cost of importing oil for countries that heavily depend on oil imports. The energy crisis contributes to inflation, reduced economic growth, and higher transportation costs (Hite et al., 9). For example, in 2018, India faced challenges when oil prices surged as one of the world’s largest oil importers. The extreme oil prices exerted high pressure on the currency, trade balance, and overall economic level and stability.
Russia are currently one of the largest suppliers of natural gas to Europe and other regions. If Africa becomes a significant supplier, it will introduce competition in the market, potentially leading to more favorable pricing and increased energy security for importing countries (Hite et al., 11). Diversification of natural gas sources can reduce dependence on a single supplier, enhancing energy resilience.
References:
Hite, Kristen, A. and John L. Seitz. Global Issues. Available from: VitalSource Bookshelf, (6th Edition). Wiley Global Research (STMS), 2021, pp 2-111.
Discussion 2
Energy
Renewable sources are sources that may be regenerated over a period of time, even if they are constantly being used, such as water, sun, and solar power. However, there may be times when there may be a need for these resources, and they’re not available. Nonrenewable resources are resources that once used, will never be replaced. Some examples include: coal, natural gas, and oil.
The effects of oil prices have increased along with the economic cost of living. “The dollar is not that powerful.” Craft. Resulting in oil prices being higher than ever before. The best way for the nation to overcome this obstacle is if, We (United States) need to work on building up our economy, so we won’t be dependent”. Craft. As a nation, in 2024, do you think a solution to oil and solar energy will be readily available to be implemented? If not in a year, then when?
The effects of Africa replacing Russia as supplier of natural gas has been in the talks. “It’s established that they have the reserves, but what is more important is the capitol to build the infrastructure to actually fill and bridge the gap”. Karim. “We’re talking about 13-15 billion dollars of capitol to be spent on this project”. Karim. Africa is a poor country, and while it being the main source of natural gas would be a major economy rise for the continent, currently, there just are not any funds to carry out this function without it further hindering the people and economy.
Source: https://www.youtube.com/watch?v=0vM244MjvVg
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