Oil still World’s Fossil Fuel of Choice

For a very long time, oil has been the world’s main fossil fuel of choice. In fact, it’s been this way since the 1960’s, and it does not appear that the world will be able to wing itself from using this fossil fuel any time in the near feature.

Over the history of using oil, the worldwide reserves of oil have only fell twice, and this was in 1998 and in 2008. Thus, oil companies are still very keen to secure any kind of undiscovered reserve of oil and continue their very powerful lobbying presence in the world.

Although people are trying to wing themselves off of oil, due to global warming and the high price, this is something that is going to take time. Some companies and groups are always going to be pushing people away from oil, but it’s something that will take time; and until that time comes, people still need oil.

Right now Opec, controls about 76 percent of the world’s oil reserves. Although massive exporting activity has been going on, many people are shocked to find out that many of the Opec countries’ proven reserves have barely changed in the past 20 years.

The largest percentage of growth in oil wealth happens to be in Vietnam. Here people have seen an increase of about 39 percent in its proven oil reserves from 2007 to 2008. This new wealth for Vietnam makes up about 1.3 billion barrels of oil. This may sound like a lot, but it would only be able to run the world for about three weeks.

Recently oil consumption fell by 0.29 percent from 2007 and 2008. Oddly enough, coal saw an increase of 3 percent, which puts off a lot more environmental problems than oil does.