The popular practice existing today is the expensive oil expiditions carried out by major oil companies throughout the different regions of the world. This wealth of resources has an expiration date to it and therefore it is essential that capital be allocated to developing other sources of power such as renewable energy. It is my opinion that while oil resources are currently in abundance it is crucial that countries worldwide invest in other forms of energy.
Firstly, oil is a non-renewable energy source and one day all the reserves will be depleted. I believe that the vast quantity of revenue being generated from oil should be utilized to construct and operate wind turbines and solar panels. Establishing these alternative avenues for power will ensure that when all the oil has run out there will still be a viable source of energy to continue life as normal.
Secondly, other sources of energy for example wind and solar power can be generated by the country seeking to use this energy. This creates a more economical strategy to acquiring your own power supply without having to depend on the oil rich countries and expending vast amounts of capital in digging and searching for oil.
In conclusion, even though oil is currently the leading form of energy as there are expansive oil wells across the world, it is of extreme importance that countries diversify their means of generating energy while they have the revenue to undergo the transition. This will be a more cost effective approach for all parties involved and is the best approach for long term sustainability.