Alternative Energy Pros&Cons

In 2004 , the world production of oil was estimated at just over 29 .7 Bbl . The corresponding world consumption for oil during the same period was estimated at 29 .6 Bbl of oil , leaving a surplus of just under 0 .1 Bbl at the end of the year . In the United States , one of largest consumer markets for oil and oil products , from the first week in September 2004 to the first week in September 2005 , gasoline prices increased by a staggering 1 .22 per gallon to 3 .12 before dropping to 2 .25

on November 21 , 2005 . These figures are quite staggering considering that contracts for crude changed hands at 10 USD /barrel in 1999 (Bilgen and Kaygusuz 2004 . With the emergence of China in the global market and its increasing demand for oil , it is projected that unless oil companies are able to increase the world production by investing investment in oil and natural-gas production oil prices could increase exponentially over the next ten (10 ) years

Since oil remains the main energy source in most countries , the demand for oil will remain constant despite the changes in the price of oil (Case , 1999 . While theoretically it is expected that there will be a greater demand for oil if the price decreases , it is important to factor in the fact that more governments around the world are implementing energy saving policies as well as trying to reduce to dependence on oil as an energy source by developing alternative sources...