If you study the graph of oil prices for the past few years, you are likely to notice that the prices have increased more or less uniformly in the previous decade with a few exceptions here and there. Along with the increasing prices, there has been an increasing demand for oil as well.
The need for oil has been on an increase incessantly. The reason for the same is the fact that with growing population, the needs and demands have to increase proportionally. Further, the fact that oil is used for all domestic purpose and almost all forms of vehicle need oil for transportation cements the growing demand for oil. So, the demand has been proportional and despite the hike in price, countries all over the world have been engaging in importing huge oil reserves to satisfy the thirst for oil use.
Oil finds its use in a lot of products and works. The utilities of oil are immense and as such countries which do not have ample reserves of oil need to import it despite the high price. However, all the countries need to ensure that they make optimum use of oil. There are various alternative sources available too and one should try to harness these alternative sources to minimize the use of the depleting natural reserve.
If the natural source of oil gets exhausted, the world may suffer from a lot of problems since it takes a lot of years for the oil to be produced naturally. The world would come to a stop with the complete absence of oil and so it is mandatory that we advocate the sustainable use of oil for all the different nations.
United States of America has been a major consumer of oil continuously for the past few years. So, make it a point to implement strategies to help regulate oil usage.
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