The Demise of Oil – Energy Security Concerns, Global Antagonism and Dilemmas

The oil era seems to be coming to an end several decades from now, whilst the world markets are experiencing an upward trend in the energy price index.

Moreover, the consumption of fossil fuel is accelerating due to the growth of the Asian economies and in Eurasia, the Russian corporations are eager to control most of the energy flow to Europe.


The recent NATO Heads of State Summit that ended with internal disagreement between the participating countries illustrates once more the diverging interests between powers centered on mostly energy. Of course this was depicted on a political scale via the enlargement disagreements, albeit the core of the whole issue traces back to the ongoing triangular USA-EU-Russian relationship based on energy.

Worldwide oil consumption has increased some 25% over the past decade; more than 85 million barrels of oil are needed to meet the daily needs of the globe. With the present consumption rates, the oil era will end in less than 40 years. This can be calculated by the fact that the total known reserves amount to around 1,2 trillion barrels. Further, the reserves are distributed unequally in the different geographical zones of the earth, and this means that some countries will experience a shortage much sooner than others.

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