Energy resources have depleted! Whatever resources are available are simply too expensive to buy or already acquired by countries which had planned and acted long him ago. Delayed efforts in the exploration secret or have not been able to find sufficient amount of energy resources.Nation of the world which have been their own reserves are not supplying energy resources anymore; only the old contracts made decades ago are active. Airplanes, trains, cars, motorbikes, buses and trucks, all made of transportation are coming to stand still. Price of oil has gone above the ceiling.
At domestic level alternate methods like solar, bio gas and other methods tried for mere survived. The above is a likely scenario of Pakistan and around the globe after 25 years. A pessimistic view, but realistic enough to think about and plan for the future. Pakistan economy is performing at a very high note with GDP growing at on exceptional rate, touching and 3.5% in 2004-05. In its history there have been only a few golden years where the economy grew above 7%. This year (2011) official expectations are that GDP growth rate will be around 6.5-7.0%. For the coming years the government is targeting GDP rate above 6. With economy growing at such pace, the energy requirements are likely to increase with a similar rate. For 2005-05 Pakistan energy consumption touched 55.5 MOTE (Million Tons of Oil Equivalent)
The energy consumption is expected to grow at a double digit. If the overall economy sustains the targeted GDP growth rate of 6%. Pakistan energy requirements expected to double in the next few years. Energy requirement in 2016 likely to cross 160 MOTE. In 2030, the nations requirement will be 7 times the current requirements reaching 361 MOTE. Pakistan’s energy requirements fulfilled with more than 80% of energy resources through imports.
On the other hands international oil prices have not only broken all records but are touching new highs, with every new directly or indirectly affecting the black gold industry. Moreover, speculators all around the world expect oil prices to $100 per barrel in medium terms. With concerns over Iran’s nuclear program, terrorist issue in Nigeria and high economic growth in China and India and their ever rising energy requirements. Oil prices don’t see any other way but to shoot upwards.