Telling effects of West Asia war

Predictions and projections may not turn out to be accurate.

- Dhurjati Mukherjee

While promises of politicians mostly are found to falter, this may not be the same in case of professional economists who predict something based on scientific calculations.In this connection, the West Asian crisis has complicated the situation in most countries of the Third World, including India, which is heavily dependent on oil and gas imports.

It is a well-known fact that the world remains dependent on reliable oil and gas supplies, even though two-thirds of global spending in the energy sector now go to cleaner alternatives. While oil now meets a smaller share of global energy needs than it earlier used to — less than 30 per cent, according to the International Energy Agency - the world uses almost twice as much of the fuel as it did in the early 1970s. And natural gas used to heat homes and generate electricity, underpins much more of the economy than it used to. According to experts, the post-oil world is still a future proposition.