Whether they can't, or they simply don't want to, remains a matter of speculation. (NICOLA, 2008)
The battle for energy is shaping many conflicts of the present century, and those of future, but soaring oil prices not only have an impact on industrial production, but pose a greater threat to the end consumer and economy at large by have indirect effects on food prices, global industry, travel expenses, famine as more and more land is used to grow bio fuels and world food production is decreasing, the list can be endless.
'Unlike the previous oil shocks, which were more and less blamed on the imbalance between demand and supply, the current rise in oil prices is more complicated than just instability of demand and supply. So if one probes into the factors that have played a part in rising oil prices, one comes to a conclusion that there are a number of reasons ranging from a weak dollar to tensions between the U.S. and Iran. At the heart of the problem, though, is the fact that global demand is currently outstripping global supply. Countries such as China and India are thirsty for oil to fuel their economic growth, yet the world's oil-producing regions are producing less oil. ...Show more