With the current economic and political environment around the world petroleum supply is become an increasingly unstable investment. Yet it seems to be difficult for America and other countries to make any headway, since petroleum-based products are heavily entrenched in our market. In fact, the world economy is based almost entirely around its usage.

For almost a century America has enjoyed relatively low gas prices, previously due to economic foreign policies and a surplus in availability with relatively low demand. This has rapidly changed over the last several decades with more countries increasing demand due to growth, and it’s showing no hope for decline.

MSNBC reported in January that gas prices are currently around 77 dollars a barrel. This price, of course, fluctuates with discriminating market factors but the trend is obvious and the resource will, eventually, reach its apex in the coming years with many believing that we already have.

The need for further investment in alternative energy sources is paramount. According to one economist website, a BP statistical review projected another 4o years of uninterrupted consumption is ahead of us. Although it’s impossible to know for sure exactly how much gas is left, this figure is based on what is currently known, and likely, to still be available. It’s also important to note that this figure is based upon current gas consumption, but with two burgeoning markets in China and India, the demand is only believed to increase over the coming decades, which may decrease this figure in unforeseen ways.

For many conservationists, the hope remains that demand and consumption of oil will decrease and slow to a minimum. Unfortunately, this projection is not due to forward thinking, but because of skyrocketing gas prices. Consumers are looking to offset the expense through alternative sources of energy and transportation, but the use of these devices have been predominantly cost-prohibitive. In an economy currently plagued by a global recession, many can’t afford to purchase a car. The vast public has found refuge in the used car market, car title loans, and government economic incentives.

It would be unfortunate if the world were to remain dependent on oil until the last drop is pulled from the ground. If we don’t start acting more proactively and making these alternative energy and transportation sources more available and affordable, then nothing will change. We could face a global meltdown if measures aren’t approached with more expediency and seriousness.

Photo Credits: slworking2

Originally posted 2011-03-05 09:10:53. Republished by Blog Post Promoter

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