Oil Essay Example | Topics and Well Written Essays - 250 words

Oil - Essay Example Recently, there has been growing awareness that oil reserves and the amount of fossil fuel oil available in the world are running out. Renewable and more environmental friendly sources of fuel are also being explored as alternatives for fossil fuel oil. The research and development of solar power, geothermal, hydro-electric and wind energy has been growing due to those concerns. There has also been research on more ecologically safe fuel such as biodiesel and ethanol fuel types mainly for vehicles. While this has been a slow development, this has been growing as a trend and movement. OPEC sees the development of such alternative measures for fuel as a threat to their economic objectives. Inviglio (2010) said that â€Å"every hybrid, plug-in, and electric vehicle sold means fewer gallons of oil burnt. Over the past few years, political pressures have been propping up the emerging market for autos that use little gasoline. But if the gas price remains low for too long, consumers may not embrace the new technology, because its just so expensive†. For OPEC to monitor the limited supply of oil, it would need to adjust its oil prices and allocation basing on the needs of its various consumers and how much supply is needed to be