In our daily life oil plays an important role because we are using that oil in everything in which we use daily and that too in the different forms. That is we are not exactly using the oil instead we are converting oil into different types according to our needs. To say for example, we are using the white petrol for fueling the jets and airplanes, unleaded petrol and diesel to fuel the two wheelers, four wheelers and heavy vehicles. Kerosene is also used in many places as the burning agent.
The different kinds of oil that we saw above were made by heating the original crude oil at different temperatures. Thus it is very obvious that oil is one of the vital elements that is used to ensure that our day to day activities are carried out smoothly. This is why the demand for oil for been ever increasing all over the world. But the fact is that there is not enough oil available to feed all the people around the world. Hence, in order to reduce the consumption of excess oil, there have been prices set for different forms of oil in different regions of the world. Oil prices started to climb up slowly and now it has reached a new high. The price hike did not happen overnight. Untill the 1970s oil prices did not see any remarkable hype. Oil prices were low enough that people of all classes were to afford. But after that due to increase in population and scientific development oil prices slowly started to rise. The rise in population, the demand for oil rose and ultimately it led to hike in oil prices.
Till 2001 Oil Changes Price happened only in a little margin. But after 2001 oil prices started to change drastically. The oil prices shot up to an all time high. The changes in price occurred for more than 50 times a year and that too big margins. Governments of all countries stepped in to give some support to the people in bringing down the prices but that too didn’t have a big effect.
One of the major reasons for this steep increase in oil prices is that the need for people have grown because people have started to use more vehicles. Another reason is the availability of oil. The demand and supply of oil is not equal with demand exceeding supply. We are using up oil resources much faster that in a few decades oil will be completely extinct. There are not enough oil resources in the world to fuel all the vehicles. Only in the Arabian countries oil are available in plenty, other than that very few countries have bulk oil resources. Many countries are trying to find alternate sources of power since crude oil will be extinct in a few years to come. Oil prices will be heading towards the sky in a few years and untill the oils are fully extinct the oil prices will rise continuously.
