| Countries across the world rely heavily on oil and | | | | policies aimed at reducing world dependence on oil |
| its byproducts to create much of the energy that | | | | could lead to reduced availability in the future. |
| their citizens consume. The availability of gasoline | | | | Such declaration is cause for concern since history |
| to power vehicles, boats and aircraft in the United | | | | and the principles of economics demonstrate that |
| States of America is dependent largely upon oil | | | | reduced supply of a high demand product leads to |
| that is imported from other nations, and | | | | higher prices. Al Hamli reasoned that the exporting |
| particularly from members of the Organization of | | | | countries have minimal resources and that hefty |
| Petroleum Exporting Countries (OPEC). | | | | investments in production when demand is |
| OPEC, founded in 1960, is a conglomerate of | | | | uncertain would be financially wasteful. |
| major oil producing and exporting nations that are | | | | The United States and other industrialized nations |
| estimated to produce 40 percent of the | | | | rely heavily on fossil fuels for energy to fuel |
| world’s oil and to possess about two thirds of | | | | vehicles, heat homes and to produce and |
| the world’s known oil reserves. OPEC | | | | transport a multitude of other oil dependent |
| monitors the worldwide oil market and establishes | | | | consumer products. Nonetheless, concerns about |
| pricing for oil which affects people throughout the | | | | the limited nature of oil, unrest about the |
| world. According to OPEC’s mission is “to | | | | environmental impact of oil and a long held |
| coordinate & unify the petroleum policies of | | | | dependence on imports of foreign oil have |
| Member Countries & ensure the stabilization of oil | | | | contributed to a substantial movement to reduce |
| prices in order to secure an efficient, economic & | | | | dependence on oil for energy. |
| regular supply of petroleum to consumers, a | | | | The emergence of alternative forms of energy, |
| steady income to producers & a fair return on | | | | such as wind energy and bio fuel is threatening to |
| capital to those investing in the petroleum | | | | weaken world reliance on fossil fuels for energy in |
| industry.” The organization also sets | | | | the long term. However, the tremendous extent |
| production quotas for most of its members. | | | | of the world’s reliance on oil and natural gas |
| The Associated Press reports that the president | | | | suggest that any changes impacting the demand |
| of OPEC, Mohamed Al Hamli, has asserted that | | | | for oil that do take place will do so gradually. |