Good news in store for everyone, more so for nature lovers
and environmentalists. Citi, a bank predicts the thirst for petrol and diesel
is nearing a peak and the demand would flatten by the next two decades. The
current oil requirement stands at 89million barrels per day. International
Energy Agency (IEA) and America’s Energy Information Administration estimated
the increase to 104m b/d by 2030 in contrast to predictions of Citi of 92m b/d
as the peak.
An affirmative research and analysis by the bank confounds
that the requirement for fuel (in terms of oil) will decrease as countries are
now heavily investing in alternative sources of energy like the wind and solar
energy in particular. Owing to imposition of tough environmental policies,
developed countries are bound to cut down the carbon emissions. This necessitates
them to allot huge funds for research towards environmental- friendly fuel
resources. Decrease in oil requirement shouldn’t ring alarm bells as it isn’t
pre-emptive of stalling of progress of nations. Developed countries have
already reached the peak of the oil requirement and have attained stable economies.
The demand from the first world countries is expected to remain same. As the
developing countries began are about to make a significant progress in the international
business and trade, manufacturing and power sectors are be abuzz with activity
in that part of world. Even the oil
demand is set to increase as these nations are aspiring to get rich. Further
the teeming billions of people from the third world are aspiring to get behind
the wheel of a car. A rapidly growing aviation sector is enhancing the fuel
requirements.
In spite of burgeoning demand, automotive technology is
offering the greatest succour. With advances in engine technology, car design
is becoming more efficient. The fuel requirement is coming down drastically
implying the frugal need for oil to travel around. Further the growing
popularity of the electric and hybrid cars and the vehicles powered by natural
gas or hydrogen fuel cells will have a plausible effect on oil demand. China, a
growing super power made rapid economic progress in record time is notorious
for being the worst polluter. It has realised it mission very quickly and
started working aggressively on cleaning up the environment. The two pronged approach to tackle this issue
are firstly by manufacturing more fuel efficient vehicles. Secondly by
developing strategies for developing alternative energy sources which are
environmental friendly. Since nations are trying to increase fuel efficiency of
2.5% every year, the future seems to be promising. Another significant
milestone in this direction is the discovery of huge shale rock deposits in
California recently. American has reached self-sufficiency as fuel requirements
can be met existing natural gas reserves. Hence, the major form of fuel is
going to be natural gas in the world’s biggest economy.
To sum up, the demand for oil as the only source of fuel is
set to decline, implying a positive effect on the environment. Other energy
sources like natural gas, electricity, solar and wind power would leave much
less carbon footprint. Hence the dream of go green is going to a reality with
the rapid economic progress of nations remaining unperturbed. A great sigh of relief for all the conservationists
as nature and its resources are not harmed. Thus climate will not be affected
and intense weather changes might soon be thing of past. It has been the oil
which has triggered massive conflicts in the world so far. Though everybody
else will be happy the Arab allies might be greatly affected. Thus the future
seems to offer a glimmer of hope for everyone especially the environmentalists
who have been very vocal about the raising carbon levels.
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