) Greenhouse Gas Emissions (GHG) – One of the biggest Disadvantages of Oil is that it releases Carbon Dioxide which has been sequestered for millions of years in the dead bodies of plant and animals. This transfers the Carbon from the Earth to the Environment leading to the Global Warming Effect. Global Treaties have failed in putting a Cost on this, though individual countries are tying to account for this through Carbon Taxes and Cap and Trade.
2) Pollution of Water and Earth – Oil Spills have caused massive pollution of water bodies as massive oil supertankers lead oil. This leads to the death of thousands of animals and fishes every year beside devastating the local ecology. The BP Oil Spill caused billions of dollars in losses and even to this day small Oil Spills keep happening.
3) Growth in Terrorism and Violence – Oil is drilled in some of the worst dictatorships like Saudi Arabia, African countries. This Oil Money goes directly into the hands of these despots who have amassed trillions of dollars. They give rise to violence and growth in terrorism as this oil money is used to fund these organizations. Osama Bin Laden comes from one of the richest Saudi families. However the powerful Oil Money also manages to suppress the voices of protest.
4)Emission of Harmful Substances like Sulfur Dioxide, Carbon Monoxide, Acid Rain – Oil Plants emit harmful substances such as Sulfur Dioxide which cause health hazards among the surrounding population and Acid Rain. While modern equipment has reduced the emission of these harmful substances, it is still very harmful to humans.
5) Leads to production of very harmful and toxic materials during refining, Plastic is one of the most harmful substances – Oil exists as a mixture of hydrocarbons with traces of sulfur and other compounds. Refining of Oil leads to production of harmful gases and solids like Carbon Monoxide and Plastic.
Questions arising from the BP Oil Spill
Oil Companies are coming under increasing fire in the aftermath of the BP Oil Spill which has exposed a lot of skeletons in the Fossil Fuel Closet. British Petroleum has already been exposed for the lies and deception with even the US regulators coming under criticism for lax regulation. The Oil Industry instead of owning responsibility has acted in a most shocking manner with Drilling Operator Transocean trying to escape responsibility behind a 150 year old law which caps liabilities at a measly $27 million.Even Oil Companies unrelated to the disaster, Exxon and Chevron are facing tough questions about the validity and morality of their Billions of Dollars in Windfall Profits. The super rich Oil Lobby seems quite helpless in the face of the public anger generated against the roughshod environmental treatment by Big Oil.