Imagine the world with all its crude oil reserves exhausted and completed; the last of the last that is remaining being grabbed by the richest that are able to afford it by paying a huge premium for it. It sounds like a situation that will happen in far future, but all of us need to realize and be aware of the fact that the so called 'far future' is just 4 decades away. Can we envision a world sustaining without oil reserves? Can we still be ignorant of the fact that the oil reserves are getting completely drained up in the near future? Can we still continue comfortably the same level of oil consumption?
One needs to act upon to save the oil, use it very meticulously and postpone the exhaustion of the oil reserves by as much as possible. All of it can start with initiative as simple as -
* Turning off the engine of motor vehicles while one idles at the Traffic Light
Though it seems to be very small saving, it will definitely make a big difference when considered holistically. And studies did reveal the benefits of such actions. Such small initiative will not only result in saving of the oil but also gives many other cascading benefits. But all it needs is awareness and realization in the general public. If we can successfully market the cause and call for the action, the public will definitely join hands.
In India, domestically the oil production is roughly 0.69 million barrels per day. But the demand for oil is 2.2 million barrels per day. Hence, only 30% of the demand is met by the domestic oil reserves and the excess 70% of the oil required is imported by India. Currently, India is facing a huge oil deficit. It is one of the non-OPEC countries much dependent on its imports to fulfil the domestic consumption demand as it has a much lower level of production. The financial implication of such an imbalance between demand and supply resulted in a 'huge debt' that India owes to its oil suppliers and World Bank. The report on 'Lower production and increasing debt of Oil and Gas - Threat to India' in The Assam Times states that the current debt burden on Indian Oil Companies is Rs. 2 lakh crore. To add to the sorrow, countries such as Iran are already warning India that unless India pays back its debts, it might not be able to export oil to India going forward. So, India is suffering from a huge debt that is built up due to oil imports.