Petroleum & Economic Impact
For over hundred years, the World economy has been increasing along with the . The is the world’s important industry and about 38% of world’s energy needs are fulfilled by oil. Most of the product’s price is depends on the price of the oil. Oil accounts for about 1/3rd of primary energy supply and about 2.5% of world’s GDP is due to oil. and powers almost 100% of all transportation system which is responsible for 1/6th of total world’s GDP. and industries consist of a huge transportation system which possesses millions upon million miles of pipelines for transporting , , and other .