An overview of the future of the petroleum

Do you have information about the future of the petroleum in the modern world? With the modern trends continuing for a longer period, it will be interesting to estimate on the future especially with the introduction on new other forms of energy alternatives such as using electricity to fuel cars. Here is an overview of the future of the petroleum:

Where it comes from?

In modern world, a large percentage of petroleum comes from the OPEC (The Organization of the Petroleum Exporting Countries) countries that control the world supply. In addition, they are also responsible for the prices of petroleum in the whole world. OPEC has been instrumental when it comes to issues that deals with petroleum in the whole world over the years. On the other hand, countries such as the US has numerous reserves of oil that are unexploited that can run the world economy for over 100 years. This definitely makes the future of the petroleum gas very promising in the coming decades.

The Usage and the future of the petroleum

Oil prices have been plummeting in the space of few months. For instance, in the 2014 summer, a barrel that is 159 liters of so-called “black gold” was costing over $100. Today, a barrel cost about $45 that makes massive reduction in the price. What has happened? The prices of oil has reduced meaning that prices have stabilized over the years. The reduction in the prices should be a good move especially for those countries that rely their economy mainly on oil. However, it is crucial to note that the prices of oil can sometimes be volatile making the prediction of the gas prices to be hard especially for those who need them for the economy. Despite the increase in the usage of petroleum in the whole world, the supply has also increased stabilizing the prices.

What are the effects?

With the steady increase in the number of countries fully depending on the usage of petroleum, the side effects will be felt on the climate change. Unless countries especially industrialized ones understand the need of using renewal energy, it will be hard for them to control global warming. Global warming is definitely one of the reasons why alternative sources of energy is crucial for those countries looking for ways to grow their economies faster.

In conclusion, the above information should give you an overview of the future of the petroleum as well as impact on the economic growth of the specific countries in the 21st century.