A lot of developing countries and those that are not so financially stable find it hard to meet the oil demands of their country owing to the sky rocketing prices of oil barrels. It is this reason that these countries need to stock their barrels when the prices are sometimes low.
The experts in analyzing the market trends have come to a common opinion that this year in 2012, both demand and price for oil barrels will take a sharp dip as it is time that oil industry too would be hit by the blows of recession. The gulf countries might have some problem with this regard. Through, what actually happens is a tale that shall unfold with time.
United state of America has been a consistent top importer of oil barrels as they have the maximum energy consumption rate. There have been a lot of different world conventions which aimed at minimizing the global energy consumption so that we can head for sustainable consumption of oil barrels. Sustainable consumption is the need of the hour because if we continue to use oil at this alarming rate, this natural source of energy may be completely extinguished.
So, to ensure that humanity survives and the natural reserve is not exhausted, the world needs to tap the alternative sources of energy as well as shorten their consumption as a whole too. The critical thing is implementation. The point has been made in lot of conventions but there has been no rigid implementation yet. It is time we do the needful before we make damage so intense that we might not be able to recover from it.
It is believed that with the recession blow on oil industry, there shall be some reduction in demand and hence consumption which might be a blessing in disguise. However, this is certainly not the way we would have wanted to reduce energy consumption.
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