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