A lot of countries which are not so financially sound had a lot of trouble managing the oil demands of their country. The reason was the high prices of oil. Most of the gulf countries cashed on the situation as they had huge natural reserves of oil and the oil industry were definitely one of the most profitable ones.
However, the analyzers of the market have come to the common opinion that in the year 2012, the oil industry is going to face some serious trouble as not only would the price of oil barrels be slashed but the demand is also likely to fall owing to the problems of recession. The world is currently facing huge troubles coping with recession. Hence, tackling oil demand along with financial woes associated with recession might be the last straw. This is the reason that analyzers believe that the demand for oil barrels is likely to go down and consequently so would the prices.
Whether or not this actually happens; remains to be seen. However, if it does happen, there are not much good tidings to welcome. The reason is that the cause of fall in price is not welcoming since recession is a massive problem to say the least. Further, the gulf countries would have a downward spiraling economy too. However, the only good thing that might happen is the fact that owing to the falling demand, the indiscriminate use of oil reserves might be trimmed and as such the need for sustainable use might be realized.
A lot depends on whether or not the hypothesis actually proves to be true. There is a dire need to cut down the energy consumptions. One may opt for alternative energy sources as they are a good way of harnessing the energy and also help in saving a lot of money on oil imports too.
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