Reasons for Wordwide Dependendance on Oil

The producers of oil can highlight just how dependent on oil the world is. Saudi Arabia and UAE are strong countries and filled with wealth mostly because they have a plenty of oil. Countries such as Algeria, Azerbaijan, Brunei Darussalam, Iraq, Kuwait, Libya, Sudan and Venezuela all rely on oil as above 90% of their global exports. These nations will thrive as long as the want for oil keeps growing. Oil is a key source for countries to make goods and prosper.

The status of the world will decrease drastically if oil supply runs dry and is evident from the 1973 oil crisis, resulting in a recession and extremely high price of oil. The oil embargo raised inflation, already at 10 percent for some goods, by increasing oil prices. Domestic oil manufacturers were already running at their max output. They were incapable to make more oil to pick up the slack. Not to mention, oil is also polluting our air. When oil is burned for fuel, gases are released into the atmosphere, terrible for the environment whilst also contributing to climate change.

Whilst a lack of oil would have a serious impact of producers, it is consumers that heavily rely on oil too much. In the modern day and age, crude oil is around 33% of global energy needs. Coal and is about 30% and natural gas is third with 24%. That sums around 87% of human worldwide energy requirements. Problems rise when countries or parties want control over certain goods, especially oil. Iraq, which is a very oil rich region, was occupied by US in 2003 apparently to find weapons however it has been claimed to be conducted to continue import of oil to USA.

The show of countries invading each other is representative of our own dependence on oil. That being said, many have claimed and hypothesized that even WW3 will be fought over control over limited oil wells and land. As oil has and is currently a primary resource for all, countries are representing their over reliability as the desire want despite the costs, environmental and political.

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 now has the world’s biggest solar plant. Canada began using hydroelectricity as a renewable source for electricity and Brazil recently introduced biofuels for cars. However, only developed nations have enough income to purchase and utilize these renewable forms of energy.

Developing nations lack the suitable technology and cash to even begin meeting renewable energy standards and continue using mass amounts of oil daily to meet their demand. In fact, the world is expected to run out of oil in the next 30 years. Some replacements to oil have been planned. Biofuels are relatively cost-efficient costing only $0.51 a gallon and they decrease the emissions of methane and other atmosphere-damaging gases by 20%. Overall, the unsustainability of oil is such common news, many counties are ditching the bandwagon and searching for something more trustworthy, reliable, and green.

In conclusion, oil has now becoming an essential good for every country’s economy. Considering the fast rate of development, the need on oil cannot be changed but the need for oil can be substituted for more environmentally friendly and more sustainable options. Oil supply is expected to drain out by 2040, at the current usage rate. This will cause an international conflict for all as the whole world is far too dependent on oil considering their sustainability. The greatest fear of most countries is non accessibility of oil.