A century ago, the resource in question was oil.

In America the demand for oil has grown by 22 percent since 1990.

Like floor wax, the oil made the floors shiny and helped protect the wood.

Now similar concerns ares being raised by the giants that deal in data, the oil of the digital age.

One day, Glenn Furst's mother put oil on the kitchen floor just before the inspector entered their house.

The effect is so powerful that scientists speak of songbirds and seabirds being\captured\by searchlights on land or by the light from gas flares on marine oil platforms.

This time, though, she used a little too much oil.

When the inspector extended his hand to greet Glenn's mother, he slipped on the freshly oiled surface.

They reduce production drastically to boost oil prices.

The reasons behind the plunge of oil prices.

The impact of cheap oil on global economic growth.

The effect of falling oil prices on consumer spending.

The biggest gains go to countries that import most of their oil like China, Japan, and India.

Sara Johnson acknowledges that the global economic benefit from a fall in oil prices today is likely lower than it was in the past.

People the world over are afraid of a further plunge in oil prices.

One reason is that more countries are big oil producers now, so the nations suffering from the price drop account for a larger share of the global economy.

Oil prices may rise or fall but economic laws are not subject to change.

Oil importers account for a larger portion of the global economy.

Many oil producers built up huge reserve funds when prices were high, so when prices fall they will draw on their reserves to support government spending and subsidies ( ' , 补贴) for their consumers.

Lower oil prices have always given a big boost to the global economy.

In the past, falling oil prices have given a boost to the world economy, but recent forecasts for global growth have been toned down, even as oil prices sink lower and lower.

In Venezuela, collapsing oil prices have sent its economy into free-fall.

Economist Carl Weinberg believes the negative effects of plunging oil prices are overwhelming the positive effects of cheaper oil.

Does that mean the link between lower oil prices and growth has weakened?Some experts say there are still good reasons to believe cheap oil should heat up the world economy.

Consumers will spend their savings from cheap oil on other commodities.

But not all oil producers have big reserves.

But doesn't the extra money in the pockets of those countries' consumers mean an equal loss in oil-producing countries, cancelling out the gains? Not necessarily, says economic researcher Sara Johnson.

And a number of oil-producing countries are trimming their gasoline subsidies and raising taxes, so the net savings for global consumers is not as big as the oil price plunge might suggest.

If you think so, you're not alone, because energy independence has been the dream of American president for decades, and never more so than in the past few years, when the most recent oil price shock has been partly responsible for kicking off the great recession.

Most people would probably say that they want to be independent from imported oil

Second, Americans have basically decided that they don't really want to produce all their own oil.

They value the environmental quality they preserve over their oil imports from abroad

Vast areas of the United States are off-limits to oil exploration and production in the name of environmental protection.

And although you don't read about this much, the United States is also a large exporter of oil products, selling about 2 million barrels of petroleum products per day to about 90 countries

It will bring oil prices down.

Why does America rely heavily on oil imports

It wants to expand its storage of crude oil.

Its own oil reserves are quickly running out

Its own oil production falls short of demand.

What does the author say about oil trade

It saves the cost of oil exploration.

To justify America's dependence on oil imports

To explain the increase of international oil trade.

Some independent thinkers have even produced cars that run on vegetable oil.

In Lagos, foreign oil workers can pay as much as $65,000 per year in rent for a modest apartment in a safe part of town.

It is profitable to drill to depths more than 1,000 feet for oil and gas extraction, but only recently in California has it become profitable to pump water from this depth.

Some experts say there are still good reasons to believe cheap oil should heat up the world economy.

There are still some public lands that contain oil, coal and other natural resources.

This is similar to what's happening in the coal and oil industries, a situation that fuels much of the current political discontent in this county.

Unfortunately, the current low prices for oil, gas, and coal may provide little incentive for research to find even cheaper substitutes for those fuels.

These likely persistent forces, like the growth of shale ( ' , 页岩) oil, point to a low for long scenario.

The reasoning behind this saying is that low oil prices discourage investment in new production capacity, eventually shifting the oil supply curve backward and bringing prices back up as existing oil fields—which can be tapped at relatively low marginal cost—are depleted.

The dynamic adjustment to low oil prices may, however, be different this time around.

Renewables account for only a small share of global primary energy consumption, which is still dominated by fossil fuels—30% each for coal and oil, 25% for natural gas.

Oil prices have dropped by over 60% since June 2014.

Oil prices are expected to remain lower for longer.

In fact, in line with past experience, capital expenditure in the oil sector has dropped sharply in many producing countries, including the United States.

In addition, other factors are putting downward pressure on oil prices: change in the strategic behavior of the Organization of Petroleum Exporting Countries, the projected increase in Iranian exports, the scaling-down of global demand ( ' , especially from emerging markets), the long-term drop in petroleum consumption in the United States, and some displacement of oil by substitutes.

Coal and natural gas are mainly used for electricity generation, whereas oil is used mostly to power transportation, yet the prices of all these energy sources are linked.

A number of factors are driving down the global oil prices not just for now but in the foreseeable future.

A commonly held view in the oil industry is that the best cure for low oil prices is low oil prices.

2 million barrels per day to the crude oil market, contributing to a global over-supply.

And on reflection, this is not surprising; the single word environment has so many dimensions, and there are so many other factors affecting wealth—such as the oil deposits—that teasing out a simple economy-environment relationship would be almost impossible.

Antarctica's mineral, oil and gas wealth are a longer-term prize.

And while assessments vary widely, geologists estimate that Antarctica holds at least 36 billion barrels of oil and natural gas.

According to geologists' estimates, Antarctica has enormous reserves of oil and natural gas.

Whether it is a transition from imported to domestic oil or from coal-powered electricity production to natural-gas power plants, politicians love to talk big.

Every year, people in America use energy equal to over 30million barrels of oil each day.

And on reflection, this is not surprising; the single word\ environment\ has so many dimensions, and there are so many other factors affecting wealth—such as the oil deposits—that teasing out a simple economy-environment relationship would be almost impos

Brittleness remains a problem when building steel structures in cold conditions, such as oil rigs in the Arctic.

In addition, other factors are putting downward pressure on oil prices: change in the strategic behavior of the Organization of Petroleum Exporting Countries, the projected increase in Iranian exports, the scaling-down of global demand especially from eme

It also highlights incidents of fishing boats being involved in groundings, oil spills and accidents, which posed a serious threat to the Antarctic ecosystem.

Mediterranean cooking uses smaller amounts of saturated fat and higher amounts of unsaturated fat, mostly in the form of olive oil.

oil prices are expected to remain lower for longer.

oil prices have dropped by over 60% since June 2014.

The advent of new technologies has added about 4.2 million barrels per day to the crude oil market, contributing to a global over-supply.

The reasoning behind this saying is that low oil prices discourage investment in new production capacity, eventually shifting the oil supply curve backward and bringing prices back up as existing oil fields—which can be tapped at relatively low marginal c

The study by Greenpeace analysed the movements of krill fishing vessels in the region and found they were increasingly operating \in the immediate vicinity of penguin colonies and whale feeding grounds\ It also highlights incidents of fishing boats being

These likely persistent forces, like the growth of shale oil, point to a \low for long\ scenario.

wine, bread, olive oil, and nuts are other staples of the region, and the Mediterranean Sea has historically yielded abundant quantities of fish.