Oil Price

According to “Oil: A global crisis” by John Marry, there are some reasons for oil price rising. The author says that the occupation of Iraq causes an increase of oil price that is three times more than it should be and Doctor Salameh says that it could be no more than $40 a barrel. According to the author, Goldman Sachs predicts that the oil price will hit $200 a barrel next year. According to Doctor Salameh, the Iraq government offered the USA a good deal in 2000, that would allow them to open 10 new huge oil fields, but the USA refused. Although global oil production produces 86 million barrels per day, the developed countries still need more and more.

The need for oil causes many problems in the world. It causes many wars around the world and it has a direct effect on the oil price to reach unbelievable levels. So, the global production of oil should increase his oil production, the wars around the world should stop as soon as possible, and the developed countries should decline their needing of oil by finding another source of energy.

First, the number of oil barrels per day is not enough these days. So, they should increase their daily production to serve the necessity.

Second, the occupation around the world has either direct or indirect effect on the oil price. Actually, all the people in the world look for peace. The oil price causes the prices of everything to be high. For example, the rice price jumped to the highest level this year.

Third, the developed countries have to create other sources for energy instead of oil. In my opinion, they should use the sun’s light and nuclear energy to produce the energy.

Reference:

Murray, J. (2008, May 25). Oil: A global crisis. The Independent. Retrieved on June 28, 2008 from: http://www.independent.co.uk/environment/green-living/oil-a-global-crisis-834023.html