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The article talks about the need for oil in the global context. Crude oil and natural gas have played a key role to the development of trade and commerce in many countries, over the years. Crude oil is a much needed resource for transportation and other industrial applications. The importance of crude in an economy is of paramount importance. The demand for crude is huge and is even escalating higher everyday. Analysts and experts in the industry are of the opinion that the high demand will force the oil explorations companies to search more oil fields and develop enhanced and sustainable methods for drilling oil. Oil is a limited and exhaustible resource. The ever growing demand for crude is very likely to lead to a shortage of crude oil. This would considerably drive up the prices on oil. Inflated oil prices will lead to a hike in prices of other essential commodities. Each country is now determined to free itself of its dependency on oil. Nations have now started their own oil exploration companies to reduce the dependency on oil producing and exporting nations. By catering to their own oil needs nations would become self sufficient and self reliant. Such countries would have a strong and flourishing economy. For decades, the US has been exporting crude oil to meet the ever increasing demand for oil in the country. The oil producing capacity is quite low compared to the oil it needs to import. The discrepancy in the production and actual requirement has led to a huge dependency on export-import oil countries. Analysts state that there has been tremendous progress in the science and technology sector. Easy availability and access to crude has fed the overpowering thirst for crude oil in the US. Countries have taken concrete and positive steps to educate their population for the need to conserve energy resources. The economic progress of a nation in this regard lies in the hands of the consumers of crude oil. Efficient utilisation of crude oil will help curb the demand for oil and will also lower dependency on crude. Alternative sources of energy such as solar and wind are also a good measure to curb the dependency on oil. When the demand is significantly lowered the oil price will also fall down. Essential everyday commodities will no longer be inflated due to high prices of crude oil. It is imperative that countries take concrete steps in order to limit their dependence on crude oil. In the years ahead growing demand and a limited supply of crude could result in bitter economic and political conflicts between countries. The author is a knowledgeable writer in oil related fields, who frequently writes articles related to oil prices & indexes and crude oil including tips on investment in oil. Please visit oil.com for more details.
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