Oil Falls Fifth Day in Six as OPEC Cuts Demand Outlook Posted on November 9, 2014 by kiannab The demand for oil is continually decreasing, as alternative forms of energy become more popular. “Demand for crude from the Organization of Petroleum Exporting Countries may fall to a 14-year low of 28.2 million barrels a day in 2017” causing the price of oil to decrease in order to account for the surplus. Many people are looking towards alternative energy sources to save the environment as well as long term payoff. If the demand for oil becomes to low, many countries whose main export is oil will suffer. The U.S is the largest oil consumer in the world, and still is increasing their consumption, however as people switch to hybrid vehicles such as the Nisaan Leaf and Tesla oil consumption will begin to decrease. How can the oil industry save itself? Oil is eventually going to run out and harms the environment, so it is likely consumer habits will change to protect the environment by using safer forms of energy.
