RELIANCE ON OIL

Reliance on Oil

Reliance on Oil

Introduction

Oil provides the main source of energy for advanced industrial economies. A sudden rise in the price of oil due to, for example, speculation or to a severe disturbance in the existing relationship between supply and demand can therefore create an oil crisis. Thus alternative energy has become a useful tool to overcome future challenges. (Sorensen, 2001) In this study I will discuss why reliance on Oil has become a major challenge for developed and underdeveloped countries.

Alternative energy is the generation of power from nontraditional sources as opposed to sources such as coal and oil. ...