The oil industry has been one of the most profitable business ventures for too long. Most of the people who had invested in the oil industry have benefitted tremendously as there has always been a huge demand for oil and oil products owing to its multi uses and even the margin of profit has been whopping. So, investing in oil has been a good marketing strategy that worked for most of the people.
However, right now things might not look that rosy for the oil industry. The experts at analyzing market are of the opinion that in this year that is 2012, the winds of ongoing recession are sure to hit the oil industry tremendously hard and as such one may see some drastic reduction in oil barrel prices. It is estimated that the demand for oil is also likely to go down. However, one cannot be extremely sure of this phenomenon though it seems likely given the facts, logic and statistics.
No matter whether or not the demand falls or the prices are slashed or they sky rocket even more, one thing is for sure, all countries; big or small do need oil for carrying out their day to day work. If it already has ample reserves of oil, it may not have an extremely urgent demand, but even if you opt for alternative sources of energy, the demand for oil would be there.
United States of America remains the biggest importer of oil consistently for the past years as there is no curbing the energy requirement of this leading nation of the world. It is believed that if all countries try to globally reduce their consumption, we can implement sustainable use of oil which is the need of the hour. The reason is that oil being a natural resource may be completely exhausted if used indiscriminately.
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