| The United States consumes eleven percent of world | | | | projected world demand of 118 million barrels a day in |
| oil production and imports 60% of this oil from foreign | | | | 2025 would require global oil output to expand by more |
| sources. Consumption continues to grow and is | | | | than fifty percent. |
| projected to increase by 44 percent by 2025. | | | | According to these projections the U.S. will need 44% |
| Domestic production is expected to meet only 30 | | | | more oil by 2025, 10% more from foreign sources and |
| percent of the need in 2025. If these projections pan | | | | will have twice as much competition from developing |
| out this means that we will be importing 10 percent | | | | countries in acquiring the oil. At the same time, proven |
| more oil in 2025 than now. It’s frightening to think | | | | reserves of conventional oil are projected to peak |
| what the price of gasoline will be in 2025 if these | | | | over the next 10 to 20 years. |
| projections become a reality. Hopefully, by then we will | | | | Various alternative sources of energy are being |
| have alternates sources of energy to meet a large | | | | pursued by oil companies, like Western Pipeline |
| part of our needs. | | | | Corporation, to address the issue. Further development |
| Consumption of oil by developing nations is expected | | | | of existing, producing domestic oil reserves, exploration |
| to double over the next 20 years leading to increased | | | | and extraction of heavy oil and natural bitumen which |
| competition for oil exports. China’s oil | | | | holds enormous promise, solar, wind, hydrogen and |
| consumption is increasing at record paces every year. | | | | natural gas power are all being developed. |
| These developing nations will represent 62 percent of | | | | Current energy policy is targeting eight nations as |
| the growth in worldwide petroleum consumption. | | | | alternative oil suppliers for increased government |
| Petroleum consumption in the developing countries | | | | investment and closer political alliances: Angola, |
| was just over one-half of the total consumption of the | | | | Azerbaijan, Colombia, Kazakhstan, Mexico, Nigeria, |
| industrialized countries in 1997. It is projected to reach | | | | Russia and Venezuela. The hope is that these |
| 90 percent of the total consumption of the | | | | alliances will help counter the risk of over 25 percent |
| industrialized countries by 2020. This means developing | | | | of U.S. oil coming from Arab OPEC states. By 2025, |
| countries will be competing at almost the same level | | | | OPEC is expected to be producing 46 percent of the |
| with industrialized countries for a scarce resource. The | | | | world’s oil. |