The globe has become increasingly dependent on oil use in modern life. Many nations have abandoned their former energy sources in favor of oil as their principal source of energy. As the global economy continues to expand, developing nations create a need for crude oil. Oil has played a unique role in the modern economy and history. No other raw commodity has been as influential in determining the fate of nations as oil. While Saudi Arabia is the global leader in oil exports, Russia and the United States closely trail behind.
Regarding imports, the United States is in the lead. With its inefficient vehicles, the United States consumes more oil than the next four largest oil consumers combined. The global oil supply is diminishing as demand continues to climb. If alternate kinds of energy are not employed, our future gas prices, economy, and way of life will continue to suffer due to the world’s growing dependence on oil.
To lessen our reliance on oil, we must employ alternate energy sources. The world’s oil supply is dwindling, but investments in alternative energy sources will ensure a prosperous future. Alternative energy sources include Solar Energy, Wind Energy, Bio-Fuels, and Hydro Electricity. Solar energy is becoming increasingly used as a means to power electrically-powered devices. As countries in South America such as Brazil operate on ethanol and rely less on gasoline, ethanol is beginning to seep into the gas tanks of an increasing number of Americans. Wind energy farms are beginning to appear throughout the world’s landscapes.
The world has developed a worrying dependence on oil. Many oil fields across the globe will soon be depleted. National figures are, at best, untrustworthy, and, at worst, classified, and national energy companies control up to 80% of oil and natural gas reserves.
The primary issue with current oil shortages is not a lack of supplies in the earth, but rather a lack of access above ground. Oil demand continues to increase in tandem with population expansion. The first step in tackling the worldwide problem is to acknowledge the intrinsic, structural, and long-term instability of the global oil markets. Continuing research on alternate energies and developing fuel-efficient automobiles is an excellent starting point for addressing the global oil dependency problem.