Economy

How was oil discovered? How important is it? The oil is the most essential source and weapon in the World. The oil has been found in Saudi Arabia in the late 19th century {Saudi oil industry, 1990} and it was discovered actually by accident because of the high need for oil. Oil was found by King Abdulaziz Bin Albdulrahman Al-Saud the King of Saudi Arabia on September 23, 1932 {Saudi oil industry, 1990}. The Kingdom of Saudi Arabia is the ultimate oil producer in the World with such a high production levels setting international oil demand and supply {Saudi oil industry, 1990}. Therefore, Saudi Arabian oil policy of the production has strong impact of the international prices because The Kingdom of Saudi Arabia possesses 25% of the World’s petroleum reserves {Wiki, economy of Saudi Arabia}.

The industrial development and the population growth are rising incessantly over the past a century and a half of the demand of energy {Smith, 2006}. BBC news reported that China and India are growing economically, it is figured that oil prices will rise by 50% by 2030 {Smith, 2006}. Many people think and believe that oil will not reduce after tens of years, however, studies show that oil will become such a very important source by 2030 {Smith,2030}. In my opinion, I think that oil may reduce after years because of the high need for and we should find some solutions and strategies for this issue. Geologists are still searching in all over the world and under the oceans for the last remaining considerable reserves of oil {Smith, 2006}.

Oil is also extremely important in our lives. According to Scientists, Today, black oil is among our essential normal resources. We use diesel, gasoline fuel for our cars, airplanes, ships, and other machines that use for transportation. The heat in home includes oil, gas, electricity, which many places are generated by burning. It is also important in manufacturing wax, lubricants, plastic and many other goods. All over the surrounding...