Utilization of Oil and Global demand for Oil
The functionaries and the investors are keen on the detected Oil in the untasted
water of the coastal region of the Greenland; this was found by the Cairn Energy Company which is one of the largest Oil manufacturers in the Scotland. It has dropped it projects on natural gas in this pure region, since the quantity of the natural gas on the commercial scale was not fulfilled. Sir Bill Gammell, the founder of Cairn Energy and the chum of Tony Blair articulated that the Baffin Bay situated in between the Greenland and Canada, is promoting enormously but proper examination should be done in the Baffin Bay before boring it. Sir Bill Gammell also added that, the exploration campaign supports the existence of both oil and gas and encourages the petroleum system that currently works in this region.
From the past four decades the United State is importing Oil from other countries, because they could not meet the increasing demands. As per the survey did in the year 2009 which portrayed that the economic consumption of the Oil in the United States is nearly 21 million barrels per day but their production is only 5 million barrels per day. Many experts and analyst has done extensive examination to find the reason for the huge gap between the production and the utilization and ascertained it and the core reason was the exponential growth. The last two decades there was a rapid growth in the technology and the mankind became largely dependent on the Oil, gas and the coal for their daily usages.
The modern world is completely dependent on the oil and it plays a pivotal role in the economy of a country and even in the whole world. The role of oil in the economy is fluctuating from the year 2002 to 2007 and it raised to $147 a barrel in the year 2008 and dropped sharply to around $33 a barrel before the universal recession. After this huge economic downturn, in the year 2010 the price of the Oil barrel went up to $80.The usage of the oil is focused on the transport sector, which consumes more than two-thirds of total petroleum produced and it raises the future demand of the Oil to greater extent.
The AAA in the United States is aiming to spread cognizance about the energy conservation, and the AAA also provides rewards to the individual who consume less energy. AAA is sporadically issuing magazines to take care of the global economy and it has published its novel guide in the year 1943, which aimed to raise awareness about usage of gasoline during the Second World War.
Utilization of Oil and Global demand for Oil
By: Stuart Slater
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