In today’s world, mineral oil has a very important place in the industrial development. Highly industrialised countries have greater need for oil. The distribution of oil is highly uneven. About 50 – 60% of the world’s oil deposits are in southwest and Southeast Asian countries. They are the world’s largest producers but low exporters of oil. The increasing demand has led to rise in oil prices affecting the economy and industrial development of the developing countries. Countries like USA, Russia, etc. have large deposits of oil, but they import oil to conserve their own resources. These countries have tried their best to gain monopoly over the purchase of oil. This has created tension in international politics. The importance of oil is both in times of war (Arab-Israel conflict) and peace. Of all the sources of power like coal, water/hydel power, nuclear energy, mineral oil is still the cheapest and can be easily transported. It is the only fuel used in aeroplanes (ATF). Thus, the energy crisis is due to-
(i) Increased consumption of oil.
(ii) It is non-replenishable, exhaust able.
(iii) It is indispensable.
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(iv) Other resources of power cannot replace it in certain fields like aeroplanes.
(v) Atomic energy is not fully developed.
If a proper substitute is not found, the economic and social structure of modern life will come to a stand still.