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Alternative sources of energy such as solar and wind energy need to be tapped into their full potential to reduce the dependency on crude oil. The crude oil industry plays an important role in the global economy today. Crude oil is the primary source of energy. About 40% of the energy need of the whole world is met by crude oil. Other sources of energy such as natural gas, hydroelectricity, coal, nuclear and alternative energy make up for a very small percentage, in satisfying the total energy demand of the world. In fact a study states that hydroelectric energy and alternative energy sources combined contribute to only 7% of the total energy consumption. Wind and solar energy make very little contribution towards global energy demand. However, this statistics is steadily reflecting a positive change. Most of the global energy demand is met through fossil fuel that is coal, crude oil and natural gas. After fossil fuels, nuclear energy is the most dominant source to meet energy demand of the world. Fossil fuels are formed through geographic, geological and environmental processes, through centuries. The current reserves of fossil fuels are fast depleting due to the rising increase of energy demand. These reserves of fossil fuels are limited and cannot last forever. Analysts predict that the fossil reserves will be completely exhausted by the year 2050. Industrialists, capitalists and economies the world over are concerned with this future prediction of a bleak scenario. All over the globe, efforts are made to find alternative sources of energy to replace crude oil and other fossil fuels. Getting rid of the dependency on crude oil is the only way for the world economy to prepare itself for the future. Efforts are being made to give more focus on alternative sources of energy such as renewable energy. Renewable sources of energy such as solar and wind energy are not only inexhaustible sources; they are also a clean form of energy. These do not leave a carbon imprint on the economy. Governments of various countries have already taking steps to promote renewable energy by providing subsidies for renewable energy projects. Even consumers are given incentives to cut down on fossil energy use and opting for renewable energy. Environmental friendly models such as electric cars are making it possible to make a future with no crude oil, believable. Another reason to turn to alternative energy is the rising oil prices. Prices on oil are inflated largely due to very large demand and limited supply of oil. The negative political and geographical climate also affects oil prices adversely, resulting in highly bloated prices of oil. Kyles Hymphrey emphasises on the need for alternative energy to beat the rising oil prices. The crude oil price is one of the many reasons that economies need to turn towards alternative and renewable sources of energy.
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