Demand for oil rose exponentially in the past few decades. In the rapidly industrializing world, oil is an essential good in all sectors of production. From vehicles to machines in a factory, all require oil to operate. The rapid development of BRICS nations( Brazil, Russia, India, China and South Africa) has made oil extraction rate to sky rocket to 1000 barrels per second. Countries are dependent on oil in order to fuel their industries and meet their demands. Moreover, there have been conflicts among countries for oil supply proving that people are too dependent on oil. On the flip side, countries are turning to alternative energy resources like solar, tidal and nuclear but the world is overly dependent on oil.
Economy of the world represent the availability of oil. Saudi Arabia and UAE are rich and have strong economies because they have a lot of oil. These countries will prosper as long as the demand for oil keeps increasing. Oil is a major source for countries to produce goods and sustain their economy. The world economy will fall drastically if oil supply runs out and is evident from the 1973 oil crisis, resulting in a recession and extremely high price of oil. Oil is not only running the industries but also the economies.
Conflicts arise when two or more parties fight over control on a certain goods, land or other resources. Iraq, oil rich region, was invaded by US in 2003 in order to find for weapons however experts believe that the mission was conducted to continue import of oil to USA. Desire to disturb peace by attacking our own friends for control over oil supply is representative of our over dependence on oil. According to many predictions and experts, WW3 will be fought over control over limited oil wells and land. Oil is driving every one crazy because it is the primary resource for countries to meet their demands.
Many countries have considered the environmental problems and shortage of oil supply and have changed their focus in developing alternative sources of energy like tidal, solar and nuclear. Norway has the worlds largest solar plant. Canada uses hydroelectricity as a source for electricity. Brazil use biofuels for cars. However, only developed nations have enough disposable income to resort to alternative forms of energy which compromises a really small population compared to the rest of the world. Developing nations lack the appropriate technology and continue drinking oil to meet their demand.
Oil has now becoming a necessary good for every nation’s economy. Considering the fast rate of industrialization, dependence on oil cannot be changed. Oil supply is estimated to drain out by 2040, at the current consumption rate. This will cause a world wide destruction because the whole world is too dependent on oil for their sustainable. The greatest fear of every economy is non availability of oil.