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OUR DEPENDENCE ON OIL

The price is now over $125 a barrel (44 gallons) and, in my view, it will continue to rise. Mouawad (1) recently reviewed the present state of oil and our dependence on it. The earth's population is expected to grow by 50% to 9 billion by approximately 2050. The number of cars and trucks is projected to double in 30 years to more than 2 billion as developing nations modernize, and the number of passenger jetliners is projected to double to more than 36,000 in 20 years. That means we will need a lot more oil. Consumption of oil globally will jump by approximately 35% by the year 2030 according to the International Energy Agency, a leading global energy ...

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