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solutionpaper - Castellano 1 Oil is one of the most...

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Castellano 1 Oil is one of the most valuable commodities in the world. The political, social and economical conflicts that result from the quest for oil are just one reason for the need for an alternate energy source. “Oil is the lifeblood of America’s economy. Currently, it supplies more than 40% of our total energy demands and more than 99% of the fuel we use in our cars and trucks,” (Energy.gov). The current rate of energy/resource consumption in the United States is grossly disproportionate to the availability of said resources. The need for alternate fuel sources and production methods is necessary and critical for the future of the United States. Currently, the world demands eighty million barrels of oil per day, and by 2015, the world demand is expected to grow to ninety-eight million barrels per day, (EIA.gov). The oil-consumption rate of the world is also staggeringly high, “World oil consumption rose by about 1.2 million barrels per day in 2005, after an increase of 2.6 million barrels per day in 2004,” (EIA.gov). According to William P. Cunningham, a noted environmentalist at the U. of Minnesota, “Fossil fuels (petroleum, natural gas and coal) now provide about eighty-six percent of all energy in the world, (280-1). Another alarming statistic, also from the same source, states that although the United States and Canada make up only five percent of the total world population, the two countries consume about one quarter of the total available energy, (280). Oil is, without a doubt, a key product in the economy of the world. Most of the world’s oil reserves and yet-to-be- discovered oil lies in the Middle East, which is one of the most tension-ridden regions of the world. Saudi Arabia alone controls more than one quarter of the total available reserves of oil. In total, the countries of the Middle East have power over two-thirds of all
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Castellano 2 undiscovered oil in the world, (284). The average price for a gallon of gasoline the United States is about two dollars and twenty four cents as of November 27 th , according to the Energy Information Administration, (EIA.gov). This is an increase of almost ten
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