Oil Black Gold

Oil Black Gold

Oil has become much more expensive because the global supply of oil can hardly keep up with demand.

Americans are the world’s biggest oil users, but demand is rising rapidly everywhere else, especially in the industrialising economies. When American oil production started falling in 1970, the country began importing much more. However, when global oil production starts falling in the future, the world will not be able to turn to other new oil sources.

Although experts disagree on when exactly worldwide production will start declining, this and an explosion in the price of oil will probably come soon. Many scientists are working on new energy technologies in order to provide energy sources that are clean and can also fill the energy gap.

These new sources of energy are not yet ready though, so it is very important for us to stop wasting oil unnecessarily. This will require difficult changes, but without them, the world might face an economic and social disaster.