THE OIL CRISIS
Today we are faced with a very serious oil crisis. It will blow up, out of all proportions if suitable steps are not taken. A tragic dark cloud is worrying and frightening over the economic horizon of the country. Oil and gas are used to satisfy 70 percent of our energy needs. China and India use coal for 70 percent of their energy needs. It is very sad to note that we use coal to generate only one percent of our energy requirements and this when we have one of the largest coal reserves in the world.
By the year 2010 the prices of oil on the international market are expected to be around 150 dollars a barrel up by about200 percent or more. Pakistan entire export earnings of billions will be spent on its oil imports bill. During the last five years the oil prices inside the country have registered an increase of about 600 percent, the taxes on oil and expenses on refiners further raise the price of oil.
Some immediate steps need to be taken to reduce expenditure on oil imports and production. Firstly oil exploration all over the country especially in the areas producing gas should be stepped up. The experience of other oil producing countries can be made use of consultation with foreign experts. Secondly, alternative sources of energy should be made use of extensively. Atomic energy can be used in some form in automobiles, locomotives, planes, and ships. It is already in use in ship engines and for electricity production. Coal can be used extensively for electricity production. Already we are busy with developing the thar coal power projects with china’s cooperation.
Lastly, the public transport system should be improved and modernized. When the busy travel becomes attractive fewer cars will be required and oil consumption will reduce.
By Iram Shahzadi(129/10)
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