Oil Crisis
With the price of Oil hitting $50 USD a barrel the World economy is in trouble again.
If anyone doubts the impact Oil has on everyday life then have a read of the effects of the recent petrol strike in the UK:
With the price of Oil hitting $50 USD a barrel the World economy is in trouble again.
If anyone doubts the impact Oil has on everyday life then have a read of the effects of the recent petrol strike in the UK:
When will the Developed world learn that dependence on oil, especially from a few unstable Middle Eastern states, is unsustainable?
You only have to look to the US and president Bush's ties to oil companies to know there is no serious attempt to investigate at alternative fuels on a large scale.
How long will the Earth's oil reserves last? Estimates differ widely, but with an emerging China using consuming more oil daily demand is likely to increase, further putting pressure on the finite reserves.
Question: Would the Middle East be such a problem if these states did not have vast reserves of oil? By exploiting their natural reserves these countries become wealthy without adding much to the world, apart from instability. Although take Iraq, with its vast oil reserves, its people are still poor. But would the US have gone to war without oil? Iraq War.