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What will OPEC do if it runs out of revenues from the huge sales of petroleum products in the open markets? OPEC headquarters in Vienna, Austria If this happens, the likely scenario is that OPEC, which is the second biggest supplier of petroleum products to the United States, will feel the harsh impacts of declining revenues from oil exports. Alone, the United States imports about 3.24 million barrels of oil per day from OPEC, which accounts to 35 percent of the total gross imports in 2014, reveals by the U.S. Energy Information Administration. The EIA adds that this volume is slight lower than what the United States buys from Canada, which is estimated at 3.39 million barrels of oil per day, or 37 percent of the gross total imports. However, this scenario is slowly changing after the United States Congress enacted the 2007 Energy Independence and SecurityAct, which was intended to reduce the U.S. energy dependence from the Middle East after 9/11, says Bloomberg Businesswee...

Heavy dependence on costly imported oil and gas is fast draining the economic coffers of most developing economies. Yet, most Third World government continue to import fossil fuels to run their various industries. Officials said this is their only way to keep up with the rest of the world. Otherwise, the economic lifeblood of these nations will grind to a halt. But what is disgusting about the issue is that developing countries continue to ignore the importance of alternative energy resources, which are much cleaner and safe to use. In China, most heavy industries use coal-fired power plants to produce goods both for domestic use and exports. But the negative impacts on China and the rest of its neighboring environments are tremendous. Right now, air pollution in China is a topic that cannot be ignored. To the Chinese officials, using coal to run their manufacturing plants is much cheaper to use. Instead of exhausting their oil resources, China had to export them in exchange for much-n...