The report's conclusions stated that world oil peaking is going to happen at some point.

They are sandstone based rocks accounting for about 50 - 60% of the world oil and gas exploration.

As world oil is expected to peak early this century, alternatives for gasoline and diesel for powering transportation are being sought.

After all, Iraq is a big player in world oil and could be even bigger.

This measure will help decrease the demand of world oil by investing in alternative fuels and making automobiles more fuel efficient.

But world oil is priced in dollars, and the dollar's value has fallen sharply against other major currencies in recent months.

But with a glut in world oil, temporary disruptions of tanker traffic in the gulf would be no cause for war.

In 1950, America consumed half the world's oil; by 1960 this fell to 44% and by 1970 it was less than one third.

The government argued that the rise in prices was due to increases in the world oil market prices and not the government's fuel duty.

In the 1870s, new uses for petroleum suddenly turned little Baku into a boomtown and, amazingly, by 1905 it was supplying half the world's oil.