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Are we approaching a crunch in worldwide oil supplies?

While for many people the subject of oil supply is something which will never cross their minds, more and more business leaders and economists are sounding the alarm bells about future oil supplies. There is a growing feeling that the worldwide supply of oil is in danger of falling below the level of demand. Indeed a doomsday forecast by a number of business leaders indicates that oil exploration and oil supply will start to fall back from 2015 onwards.

Even though many of us take oil, in its many shapes and forms, for granted there is no doubt that the worldwide economy depends upon the black gold. It is also a fact that many governments around the world also depend on the massive taxes paid by oil production and oil exploration companies around the globe. While much has been made of the green revolution the truth is that in many cases we have but scratched the surface of the potential for alternative energy sources and this is something which needs to be addressed sooner rather than later.

What would appear to have prompted these renewed concerns regarding oil supply is the exceptional growth forecast for countries such as China and India as well as a general recovery in the worldwide economy. Is this a doomsday scenario or a reality check?

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