The recent surge in oil prices may be another blip in the ever fluctuating price of oil but it is also a harsh reminder to the world's richest countries that they remain ever reliant on oil. It is estimated that the world has about a trillion barrels of proven oil reserves left. At the current rate of global consumption this is expected to last 40 years; Natural gas is expected to last about 60 years. Although the world oil reserves may not be an immediate problem the location of those reserves becomes more important as local reserves are exhausted and the world's biggest economies become increasingly dependent on some of the most politically unstable regions - crucially, the Middle East. With almost everything that moves in a modern society requiring oil it's short supply would have a devastating effect on the major economies. What is your view towards the current apparent shortage in oil?
Will We Always Depend On Oil?
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