There is a war between oil producing giants USA & OPEC who are fighting for market share for oil exports. There has been over supply of oil in the international market which is reflected in the prices of the crude oil. The main concern is both the countries are not willing to reduce the exploration of crude oil. But if we are looking for sustainability of our environment, we are creating a bigger damage for our future generations.
The definite damage that can happen for our future generation would be
- Reserves of crude oil would be reduced
Crude oil is the non-renewable source of energy. Excess production of oil would reduce the reserve of oil at much more faster pace. Availability of oil reserves is also limited. Reduction of reserves would reduce the supply.
- Excess pollution of the environment from the oil producing companies
Oil producing is one of the industries which produce a large quantity of pollution to the environment. Excess production of crude oil and by oil marketing companies would increase the carbon content in the air adversely affecting the air for breathing and pollution ozone layers.
- Steep price hike of the crude oil for the lack of supply
Lack of supply would increase the prices of crude oil in the international market as the supply is not satisfied by the demand. Arbitrators would allow the price hike to earn more profits.
- Economies would suffer from hyperinflation
There are many developed as well as developing countries which are dependent on oil imports for running the economy. Price rice would inflate all the prices of the human consumption leading to hyperinflation.
The questions that need to be answered are
- Who will take the responsibility of the damage?
- Should we only look at making money and market share?
I would appreciate comments from the readers.