The pie charts and the line graph provide information on the breakdown of energy usage by type, the prominent oil reserves and the recorded and forecasted trend of oil price from 2000 to 2025.
Overall, there are three trends. The first one is the predominant role of fossil fuels compared to renewable ones. The second trend is that the most abundant oil reserve was recorded in Saudi Arabia, which singlehandedly accounts for one-fifth of the global storage. This puts the African country in a financial advantage as the black gold’s price has risen significantly.
Looking first at the breakdown of sources of energy, in 2005, the world still rely heavily on fossil fuels for most of its activities. Of three types, oil is the most reliable choice for consumption, being used one-third of the time, followed by coal and natural gas at around 25% each. For the other two, despite being hailed as potential future energy, their uses are not widespread, being left behind and making up a total of barely 12%.
Moving to the countries which boast major oil banks, the four biggest energy powers are Saudi Arabia, Canada, Iran, and Iraq having 20, 14, 10, and 9 percent respectively of all barrels. The other oil prolific nations have their reserves less than 10 percent. These countries include United Arab and Kuwait, which have the same amount of this precious resource. Notably, more developed countries, United States and Russia, have the lowest oil available in the league, at 2% and 5% consecutively, just below that of Venezuela.
Focusing on the oil price trend, there is a remarkable rise in the first five years of the decade. After rising to nearly 60 dollars per barrel, the price fell slightly to around 50. As the reserve has been depleting and the renewable energy has been put to use, for the rest of the period, the price remains high and has no signs of falling, albeit not as high as its peak.