Gas Market Study
Econometric Data Case Study: 1953-2004
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In relation the the data:
All of the variables are exponenantially growing over time which makes sense. However, some are growing more rapidly than others. For example: GASEXP when from 7.4 to 224.5, while POP went from only 159565 to 293951. Gas went up higher then all the other variables whether in relation to population growth, income, etc. This is true in all variables related to gas whether consumption or pricing. Also, one can look at the standard deviation of GASEXP as 57.5146613546 and notice that it is nearly 8 times its original 7.4 metric.
Now this means multiple things:
- We are depending too much on gas
- Gas have risen in price over time (Supply and Demand)
- When we run out of gas, we need an alternative in order for us to live the same way we live currently.
Now that being said, we need to find an alternative to big oil. Some people think that by 2050, the world could run out of oil, shortly after gas, and by 2090 coal. However, given the negative effects that these resources have on the environment in comparison to the alternatives, and their non-renewable nature, our time is ticking. This is why we need to work in order to create sustainable means of energy, especially in relation to not just transporation, but how we heat and even power some of our homes.
Something to keep in mind is that as the world is expanding, so is our need on these resources. That being said, we live in a society that is pushing towards sustainable forms of energy such as Nuclear Fusion, CAES technologies, updated grids, etc. These all need to be worked on and more startups need to work on CleanTech initiatives, as this is what has to be one of the next waves or correlations in the technological revoluion. We also need to look into ways where we can update lots of powerwall mechanisms in order to be sustainable rather then relying on coal plants or geothermal grids.
Sources:
[1] The U.S. Gasoline Market, 52 Yearly Observations, 1953-2004 . (n.d.). Retrieved March 21, 2020, from http://pages.stern.nyu.edu/~wgreene/Text/Edition7/tablelist7.htm
[2] When will fossil fuels run out? (n.d.). Retrieved March 21, 2020, from https://www.ecotricity.co.uk/our-green-energy/energy-independence/the-end-of-fossil-fuels