If renewable energy like solar , wind and geothermal ( using the heat from the deep underground …) get more efficient and reliable , the demand on oil and natural gas would be undermined a lot by 2050 as some expect . To compare , see how coal has become much less expensive than it were a 100 years ago due to finding several alternatives like natural gas and oil plus nuclear energy . Not only is there renewable energy technology evolving but also some biofuels made from algae and even plastics are now being discovered and invented . Development is taking place in many areas, and some oil producing companies and oil exporting countries themselves are starting to invest in renewable green energy projects and other infrastructures for sustainable green economic development.
Globally, the price of petroleum is continously moving down and is moslty expected to slide down in a progressive trend in the future whether in short term, medium or long term due to several reasons. One of the reasons is the expanding supply of non conventional shale oil that is newly extracted and produced in North America, whether Canada or USA. In detail, one million barrel per day is the increase of the quantity of oil produced during one year from 2013 till 2014 in the United States of America. In USA, Supply of oil has increased by 50 % since 2008 till 2014. According to Forbes magazine, Mexican president has allowed constitutional reforms that allow private and foreign companies to invest and extract from crude oil fields in Mexico attracting ,in that manner, new technologies that have a potential to boost oil and gas production in Mexico that has around 60 billion barrels of oil reserves whether shale oil or conventional oil. In 2014 , oil producing countries especially OPEC members refused to reduce the amount of oil produced daily ( unlike the year 2008 when they reduced the amount produced when oil prices went down) , so this caused oil prices to drop down further.
for the drop of oil prices is the widening new discovery of conventional oil in some countries like Brasil, Senegal and others. Moreover, there is also development and advancement in technology used to extract Petroleum, so perpetual growth of the quantity and percentage of oil extracted from all fields and countries. In addition, there is more developed technology that can save energy consumed and so consequently oil consumed with time. As a vivid and clear examples are electric cars and petro-electric hybrid cars.
( Although hybrid cars has constituted only 3 percent of all cars on the road in 2008 & 2009, their future outlook seem much better than before.) Another factor that can affect the supply and demand factors on Petroleum globally is that alternative renewable energy sources are experiencing continuous forward development and improvement, because of accumulated experiences, technical know-how development and international itensive broadened research & development. The production of hydroelectric energy is escalating
Upward by 3 % each year according to a source from Wikipedia. Moreover, the cost of producing geothermal energy ( from underground hear in the earth ) has diminshed by 25 % in the last 2 decades , which encourages further research, development and production in the coming future. Some countries like USA, Australia and Iceland currently use geothermal energy generated from hot springs and deep underground heat to produce electricity warm up houses in the winter. The cost of production of solar cells is reduced termendously these years
( 50percent in 3 years ) , which makes it more competitive and profitable to produce energy like heating water and generating electricity from solar sources available abundantly everywhere on earth. Some companies are using solar energy to try to produce crude oil from carbon dioxide and water in a process similar to photosynthesis (used by plants which absorb sunlight to transform carbon dioxide and water into sugar and oxygen. This is another potential renewable source of energy.) Electricity produced from renewable sources like hydroelectric ( number one source in renewable energy ), wind, solar ,geothermal and bio fuels is projected to grow gradually worldwide. In 2012 and 2013 , it was estimated that 19 percent of all energy consumed worldwide and 22 percent of electricity generated globally has come from renewable energy sources mentioned above. As a sample of countries in 2009 , Canada and Norway produced 60 % and 93 % of their electricity from renewable resources especially hydroelectric because their lands are rich in water. In addition , worldwide overall investments in renewable technologies in 2013 has amounted almost 214 billion dollars in 2013 according to Wikipedia. Renewable energy technologies and projects are really expected to grow globally benefiting all countries on the planet enviromentally, ecomomically and socially. Will this progress make electricity supply available to all individuals on earth ? Will these renewable alternative energies be a true substitute source of energy for oil in the future?
It can benefit oil exporting countries as well because oil becomes a cheaper raw material and primary material for industrial products especially petrochemical industry and other kinds of industries that will boom and flourish. In conclusion,renewable resources of energy that are developing can benefit all nations giving us cleaner environment and a more sustainable economic growth helping us live in a happier , more joyful and peaceful world.