Fuel is considered as one of the prominent resources for manufacturing process. While the fuel reserves are limited and may be depleted after some point in time, a lot of people opine that rising the price of the fuel is the apt way to control its consumption and preserve the resources for future. Although I agree with this theory of fuel preservation, I believe there are other options available to various economies for prevention of these valuable resources.
Non-renewable resources such as petrol and diesel are very scarce and only supplied by few countries around the world. There has been a spurt is demand for these fuels post World War II, due to increase in industrialisation in many countries. Countries with abundant supply of oil have increased the price to control the demand and preserve the fuel for future generations. This Economic Theory of Pricing has helped to contain the demand to certain extent, however many developed economies having enough capital to buy the fuel, have not reduced the demand.
There are many other alternatives that could be followed to prevent the depletion of the resources. Usage of renewable resources in place of non-renewable resources have been adopted by many economies. This increase in usage of the substitutes have led to decline in demand of fuels as well as reduction in the pollution. Moreover, change in technology can also be adopted to decrease in the demand for oils. For instance, many countries have promoted the usage of electric vehicles which will not only help in reduction in the demand of fuels but also prevent the pollution which is caused from release of harmful gases from the vehicles.
In conclusion, I agree with the idea that increase in the pricing might help in the reduction in demand of fuels. However, for some countries where pricing might not be an issue, other methods like using of substitutes and change in technology might be adopted to contain the demand.
Fuel
is considered
as one of the prominent resources for manufacturing process. While the
fuel
reserves
are limited
and may
be depleted
after
some
point in time,
a lot of
people
opine that rising the price of the
fuel
is the apt way to control its consumption and preserve the resources for future. Although I
agree
with this theory of
fuel
preservation, I believe there are other options available to various economies for prevention of these valuable resources.
Non-renewable resources such as petrol and diesel are
very
scarce and
only
supplied by few
countries
around the world. There has been a spurt is
demand
for these
fuels
post World War II, due to increase in
industrialisation
in
many
countries
.
Countries
with abundant supply of oil have increased the price to control the
demand
and preserve the
fuel
for future generations. This Economic Theory of Pricing has
helped
to contain the
demand
to certain extent,
however
many
developed economies having
enough
capital to
buy
the
fuel
, have not
reduced
the demand.
There are
many
other alternatives that could
be followed
to
prevent
the depletion of the resources. Usage of renewable resources in place of non-renewable resources have
been adopted
by
many
economies. This increase in usage of the substitutes have led to decline in
demand
of
fuels
as well
as reduction in the pollution.
Moreover
,
change
in technology can
also
be adopted
to decrease in the
demand
for oils.
For instance
,
many
countries
have promoted the usage of electric vehicles which will not
only
help
in reduction in the
demand
of
fuels
but
also
prevent
the pollution which
is caused
from release of harmful gases from the vehicles.
In conclusion
, I
agree
with the
idea
that increase in the pricing might
help
in the reduction in
demand
of
fuels
.
However
, for
some
countries
where pricing might not be an issue, other methods like using of substitutes and
change
in technology might
be adopted
to contain the
demand
.