By Laurence Chukwudi Izegbu
Verily, crude oil has been a pivotal force in shaping modern economies, as petroleum serves as the primary source of energy for both domestic and industrial purposes.
However, the discovery of alternative energy sources, technological advancements, and the high cost of production will undoubtedly have a significant impact on the future of crude oil in the next five years.
It is this transformative shift which will culminate into far-reaching repercussions on the economies and social patterns of our society in its totality.
This Paper aims to shed light on the discovery of oil, its profound effects on world economies, and the inevitable end of the black gold, commonly referred to as peak oil
Crude oil is the resultant product which emanated from pressure on organic matter. For millions of years, the remains of animals and plants which were covered by layers of rock were subjected to heat and pressure from these layers, turning these remains into what we now call crude oil.
Throughout the course of history, numerous countries have discovered crude at varying times. China, the United States, Gulf States, and many others have all been major players in the oil industry.
The proceeds from oil have transformed desert countries such as the United Arab Emirates, Kuwait, and Qatar into advanced nations with incredible infrastructures and social amenities, offering their citizens the chance to live in unfettered comfort and prosperity.
While these countries continue to bask in the economic benefits of oil, they have also developed other sectors such as tourism, agriculture, information technology, air transportation, real estate, and many others.
In stark contrast, we have the example of Nigeria, where oil was first discovered in commercial quantities in Oloibiri in the year 1956.
However, even after 67 years of that historic oil discovery, the country still cannot drill its own oil and must rely on international oil companies to meet OPEC quotas.
Nigeria is plagued by lack of expertise, technology, and finance, and has no access to the market. After years of oil discovery, the country still cannot provide its citizens with stable electricity, good healthcare, standard education, security, among other basic necessities.
This same commodity which has been a major source of blessing to other nations seems to have been to Nigeria, a curse.
Many educated Nigerians and political elites hide behind their education and social class to steal the wealth of Nigeria and swindle the masses. The greed and will to oppress exhibited by the Nigerian elites is unparalleled, as civil servants, politicians, bankers, technocrats, military generals, and even religious leaders have proven themselves to be fantastically corrupt at every opportunity they find to do so.
The worth of properties which the Nigerian elites have criminally stashed away in foreign countries is mind-boggling, and could totally transform Nigeria, with a leftover which could build yet another nation beside.
All of these are in the purview of public knowledge, yet blind followers still engage in the shameful adventure of defending the chief sources of their own afflictions.
Today, the world of oil is undergoing a paradigm shift. New oil discoveries and reserves have been recorded, notwithstanding the production costs which keep soaring daily. The shale revolution in the United States, alternative energy sources, technology, and other factors have signaled the end of conventional oil exploration.
Oil-producing nations are already prepared to run their economies without oil. The question remains, however, how prepared are countries like Nigeria and Venezuela, who have squandered over 100 trillion dollars of oil wealth for nothing?
We are a nation that thrives on hope. Nevertheless, one wonders how powerful hope can be when the will power to make progress as a nation has been rendered hopeless.
The author of this Piece is a Petroleum Analyst, the Senior Special Assistant to the Governor of Delta State on Local Content Policy and Editorial Consultant to Nigeria Upstream Petroleum Regulatory Commission Journal.