GLOBAL OIL SUPPLIES

How has the US sought to control global oil supplies!

How has the US sought to control global oil supplies!

Introduction

Oil has been the world's most important energy source and its importance will increase in future. In the year 2007, the world community used about 85 million barrels of oil per day, one barrel equals 159 liters. The raw material thus garnered 36 percent of the total global primary energy demand. If the oil level maintained in the present, the currently known reserves will reach an estimated 40 years with unchanged consumption. If the most important energy resource is scarce and non-renewable such as oil and gas, one who handles it will have the power. If the main energy sources were based on renewable resources and all matter is energy-potential source, any group could have the power. That is, the need to work to live in the modern world is due in great measure, to it being a scarce oil, and therefore expensive, much more expensive the goods that are consumed often. The demand for oil is increasing and according to the International Energy Agency (IEA), a consumption of 116 million barrels of oil will be consumed daily in year 2030. Especially in emerging markets that will have a major increase oil consumption, such as China, India, Brazil and Mexico (Stokes & Raphael, 2010, 11). This will make the demand of oil very competitive, which can be predicted today.

Discussion

The U.S. global hegemony based on military power and economic development. Attacking Iraq, the U.S. tried to meet its goal of controlling the entire Middle East. The goal of the USA is clearly represented a dash of "quick win" that lasts only a month or two, and this explains why the U.S. is threatening to Turkey.  These fears are not humanitarian but economic. Since the trend of slow growth in the economy of the USA in autumn 2002 continues or even increases, a war against Iraq may be triggering a severe recession or economic crisis. U.S. foreign debt increases as the expansion continues. While the USA does not have serious rivals and the other nations have confidence in the dollar and U.S. policy, the system will work. But as we know, capitalism cannot exist without competition and imperialist effort for control of territory, resources and economies of other nations. Today we see this clearly in the Middle East. Iraq and the Middle East is an imperialist battlefield related to present and future access to oil supplies, implementation of new market areas and to control them undercut competitors. And besides, this leads to a very important result not mentioned the war is a war of currency between the dollar and euro, in fact, can undermine the economic basis of the hegemony of the United States (Leech, 2006, 15). 

It is also unclear when the last drop of oil will flow. The so-called range of oil moves over and over again. In the 1970s the Club of Rome was the end of the oil age for the beginning of the 21st Century is ...