ABSTRACT
Until the nineteenth century, the world economy depended basically on biomass (any organic material, either from land or from water, that was available as a renewable resource and that could be used to produce energy, raw materials, or consumer goods) and minerals. The discovery of oil and the rapid technological development of its extraction and rening provided a cheap and plentiful source of energy and raw materials that displaced biomass in the twentieth century as a basis for economic development. This change also generated a high dependence on fossil resources that could face serious depletion within the next few decades. In addition, an oil-based economy has the following drawbacks:
1. Uncertainty: Predictions of oil prices and supply levels have a strong impact on the strategic planning of the economy of any modern nation.
