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World’s Dependency on Oil

Posted on 07. Jan, 2010 by Lawrence Leary in Economy | Twitter: @ |

In today’s society the world has grown to very dependent on the consumption of oil. Many countries have grown away from previous forms of energy and have made oil their primary source of energy. As the world continues to grow, the developing countries acquire a thirst for crude oil. Oil has played a unique role in the economy and history of modern times. No other raw material has been so critical in shaping the destiny of nations. While Saudi Arabia leads the world in oil exports, Russia and the United States follow closely behind in their oil exports. As for importing the United States leads the way. With their fuel ineffective vehicles, American consumes more oil than the next four leading oil consuming countries combined. The world’s oil supply is running out and the demand continues to rise. With the world’s building dependency on oil and if alternative forms of energy are not utilized our future gas prices, economy, and way of life will continue to suffer.

In order to reduce our dependency on oil, we need to utilize the different forms of alternative energy. The world’s oil supply is running out and investments in alternative forms of energy will make for a promising future. Solar Energy, Wind Energy, Bio-Fuels, and Hydro Electric energies are all viable sources of alternative energies. Solar energy is becoming more and more common as a means to power things that normally run off of electricity. Ethanol is starting to creep into the gas tanks of more and more Americans as we see countries like Brazil in South America running on ethanol, and depending less on gas. Wind energy farms are starting to dot the countryside in countries all over the world.

The world has grown a disturbing addiction for oil. Many oil fields around the world are headed for depletion. National statistics are unreliable at best, or classified at worst, and national oil companies control up to 80 percent of oil and natural gas reserves. The main problem of oil shortages today is not lack of reserves in the ground, but lack of access above ground. The demand for oil continues to rise right along with the population growth. Recognizing the inherent, systemic, and long-term instability of the global oil markets is the first step in addressing the problem the world. is facing. Continuing research on alternative energies and creating fuel effective vehicles is a great place to start in resolving the world’s oil dependency issue.

Author: Lawrence Leary
Article Source: EzineArticles.com
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