The twentieth century has been called the “hydrocarbon century.” Over the last one hundred years human society has experienced more change than was seen in the previous ten thousand years, in large part because of the availability of a relatively cheap and highly efficient supply of energy: petroleum.

Petroleum has brought enumerable benefits to human civilization; quality of life and dynamic prosperity is fueled by this precious, miraculous resource. At the beginning of the 20th century, global oil output was about 150 million barrels of oil; today, that amount is extracted globally in just two days. Petroleum-based technologies have transformed the global economy, providing mobility unimaginable to previous generations. The rise of the automobile, the manufacture and distribution of affordable consumer products, mass access to air travel, and advances in healthcare?doubling the average life expectancy in just 100 years?are just a few of the many benefits petroleum has helped bring developed society.

The U.S. is the world’s largest consumer of oil, accounting for nearly 25 percent of global consumption in 2006, followed by the European Union with 18 percent. During this same time, countries within the Middle East produced 31.2 percent of the world’s supply of oil. Also, with respect to proven reserves, Middle Eastern nations held 61.5 percent; Russia and Venezuela each held over 6.6 percent; Africa held 9.7 percent, and North America accounted for 5 percent.

While the benefits are astounding, the use of petroleum-based technologies also has costs. Perhaps the most serious stems from the emission of greenhouse gases and their contribution to global climate change. And, though there are alternatives to petroleum fuels being proposed for that very reason, an analysis of costs and benefits shows that petroleum is superior in most areas.

Hydrogen, ethanol, hybrid, and biomass technologies are promising substitutes which may increase efficiency and reduce emissions, but these technologies are only beginning to prove their profitability to providers or attractiveness to consumers. Yet, the sustainability of ethanol is now being questioned due to the land and water requirements to grow the corn crop, the effect of using fossil fuels to process the corn into ethanol, and the increased cost of corn that will affect the food market.

It is fundamental, however, to understand that the market is constantly adapting to the demands of consumers. As petroleum becomes more expensive, and as consumers become increasingly sensitive to the potential effects on the environment, alternative fuels will become economically viable. Ethanol appears to be a leading candidate to supplement petroleum use, though high tariffs on sugar-based ethanol (produced in Brazil and far more efficient than corn-based ethanol) may be an impediment. Manufacturers are also exploring hydrogen fuel cells with great fervor; and hybrid electrical cars have already made an appearance in the US market.

The future of oil production and use depends on many factors, including demand, pressing environmental issues, and the availability of acceptable alternatives. Although considerable research is underway to develop the next generation of energy technologies, petroleum will likely maintain its position as a major source of energy in the short term.

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