If we look around us, we will see that almost anything which is there either runs on fuel or electricity. This fuel dependence has caused serious economic issues for a lot of countries even for economically developed countries. Free crude oil price quotes. Instant access to latest oil prices, oil commodity charts, oil forecast and oil news.
Oil price is a very important aspect for the current crisis situation and oil drilling is one of the major activities that is being done so far, in the last two centuries, to keep our engines running daily. All the countries in the world are dependent on the oil that is being drilled and then pumped into the pipes regularly.
Oil drilling possibility is a fortune for a few countries in the world and the main nations are the Arab nations like United Arab Emirates, Saudi Arabia, Iraq and Iran. In fact, Russia too has a lot of oil. The crude oil reserves drives their economies as they have nothing else in terms of manufacturing industry or the other industries.
The crude oil price decreased dramatically since 2008 and that is because a lot of factors influenced this decrease. Firstly, the world is growing rapidly and it needs natural resources to make this happen. No one will wait for a late or undeveloped nation.
Half the total population is now emerging out of their poverty onto a critical situation where they need oil just as much as the developed world. 2.500 dollars cars are now available for sale in China, India and the rest of Asia. More than twenty thousand new cars per day are being sold to Chinese citizens who have never owned a car or a truck before. More than that, a steady 10 percent growth per year is predicted to continue for the next decade at least, confirming that demand for oil will not go slower but continue to increase even more.
Another factor is represented by the recent military actions in the country of Georgia, tensions with Iran and North Korea and the sinking value of the dollar on the world currency market. Even without these factors taken into consideration, it is not hard to imagine oil prices increasing and topping the record of 147 dollars per barrel.
But oil is definitely a resource which will be not there endlessly and professionals say that it takes about a million years for the crude oil to be formed. The way the consumption is growing, there will definitely be a cause for worry because the real oil crisis will begin rapidly.
To reduce the dependence and the consumption of oil, to many companies and governments in the world are trying to use the oil in a more efficient manner. For example in some countries, people walk to work daily, they ride their bikes or they drive hybrid cars and that means less oil consumed in a day.
Keep yourself informed about the price of oil by watching daily oil news and by viewing the oil price chart which is very illustrative in this current financial situation.
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