Oil: the Beginning of the End

Description

What will the role of oil be tomorrow? What will it be replaced with? Some experts believe that there is enough to keep the world chugging along for another three hundred years! Others claim that volume of world reserves will start falling in the next generation and that demand will continue to far outpace supply.

The irony of history is, of course, that it has been the world’s auto industry, the major cause of oil consumption that has finally started to press for new technologies that operate on new, renewable resources. The Industrial Nations have paid dearly for Black Gold and in many cases squandered its consumption and ignored the need to develop renewable resources at a faster pace.

Sadly it has been the Oil producing States of South America and the Middle East who could be the final losers in The Epic of Black Gold. Their failure to democratize as nations and effectively manage the great wealth that oil has created for them has left them with economies that function to a lesser degree today than ever. They have squandered their resource and left their peoples behind, unable to function and compete in an ever-changing world.

The Epic of Back Gold: "God gave them the oil, we paid them for it. They squandered the revenue, we over-consumed the resource". –James Akins, Former US Ambassador to Saudi Arabia.

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