Question

Our Chapter 14's discussion of the "Global Energy" market will be useful to us, as it traces the rise of a commodity that we all know a our modern economy cannot (for the time being) do without: oil. My question is: Why has oil become so predominant? Why has it succeeded where other global energy commodities have not? What advantages and possible dangers does an oil-fueled world present?

Answer 1

Oil is very predominant in our daily life. For running and lubricating of automobiles, we depend on the oil. Factories also using oil for moving the parts of the machinery. In modern society, in our daily life, we came across many products which consist of oil such as plastic goods, using of oil to clean rust, toys, waxes, cosmetics, detergents, fertilizers etc. Oil-fuel becomes the world's largest economy and almost 90% of global energy is consumed by this. Renewable energy is utilized by only 5% of the total energy consumption. Trading market consists of non-renewable energy. Some advantages of the oil-fuel are it has high density and readily available to use. It is cheap and reliable and helps to grow the country economy. some dangers are it provides a great threat to global warming due to greenhouse gases effect. Oil consumption releases toxic substances leads to health hazards and pollution.