Thus many countries are lagging behind the oil race for want of power and influence- a recipe for economic disaster? Yes. Even countries rich in Oil like Nigeria are left out of the race, as oil is earmarked for ‘Export only.’ Already, there’s conflict brewing in the Niger delta between the oil corporations and the people who feel exploited by them.

The most affected, in the current supply crunch, will be the people in the poor countries of the world. Remember, last year’s food riots in many African countries, Haiti and Philippines? Agriculture needs oil not only for transportation of the produce, but also for production of fertilizers like Ammonia. Thus, short supply of oil will lead to more food riots due to the high cost and scarcity of food. Apart from agriculture, Sub-Saharan Africa lacks a power grid infrastructure and gas-powered generators are used to power cell phones needed to conduct business and exchange. Unreliable gas supplies will cause doom and gloom.

The lifeline of any nation depends on guaranteed access to crude oil, a matter of national security. So increasingly crude oil is secured rather than bought, where the most influencial governments assist their oil companies in acquiring portions of foreign oil reserves by means of influence or diplomacy or otherwise, thus pre-emptively cutting future buyers out of the declining supply.