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Word Count: 498
Oil provides 40 of the energy in industrial countries Oil is especially critical for agriculture transportation and the chemical industry To a significant degree oil is the engine that has driven the explosion in human population - far more oil than sun energy was used to produce your lunch The production of food the price of food and the availability of food are strongly dependent on oil The Oil price has been skyrocketing in recent months constantly creating new highs since the end of the Gulf war in the early 90s This not only evokes peoples agony memories of three oil crises and the related economic recession in the 70s but also generates some negative impacts on the world economy Massive fuel-price protests have been seen in many European nations The stock prices around the world have been plummeting since mid-September People are once again worrying about the re-eruption of the oil crisis and economic recession It can be said that the trend of oil price and its possible impacts has become the major concern around the world Humans have searched for oil for over 100 years Until 1962 the rate at which we discovered new oil was an upward curve But 1962 was the peak of oil discovery Since that year the discovery of new oil deposits has been in a steady decline When the OPEC oil embargo of 1973 sent prices up sharply there was a tremendous increase in exploration activities We literally scoured the face of the Earth looking for new oil Even with the latest in high-tech exploration equipment relatively little new oil was found There are two primary sources of oil OPEC and non-OPEC The OPEC countries mostly in the Middle East possess the bulk of the worlds oil reserves The production of the smaller non-OPEC reserves has peaked and is in decline The Persian Gulf is the home of most of the remaining oil Several nations in
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