ABSTRACT
The historical trend shows that the economy grows hand in hand with oil consumption. The growing oil production is one of the most important factors behind the rise in the standard of living. The industrialized society in its present form collapses. We live in a world that is completely hooked to oil. However, they all lead to the conclusion that there is no going back to the era of cheap oil and cheap oil cannot be replaced by expensive oil. Western citizens use their share of the global oil several times over. More than half of the oil we use globally goes to transportation. The rest is divided between heating, construction, agriculture and forestry, industrial energy, raw materials, lubricants, and electricity production. The shortfall of a few percent in global production levels caused by the civil war in Libya raised the price to a level that crushed the budding economic growth in Europe.
