In the not too distant future, oil will no longer be necessary for transport. As more and more vehicles move towards hydrogen power through fuel cells, the oil industry will become more and more defunct. This will be somewhat gradual, but eventually there will be a huge redistribution of wealth across the entire globe.
Oil rich nations will no longer hold such a strong position. Countries in the middle east will suffer as they begin to require more taxes from their citizens unlike the current situation where people can earn tax free because of the astronomical wealth of Arab princes, who pay for things like roads, water etc. America, will also feel real pain from this as the dollar is heavily linked to the price of oil.
A recent advance in the extraction of hydrogen from plants means that countries with good rainfall and climate for growing corn can really maximize on this new industry. Farmers and entrepreneurs willing to create small hydrogen factories in localities could really become a major business in the future. It will be a far fairer distribution of wealth, once it can be run by independents and not taken over by huge chains as per usual.
Of course, hydrogen is a fantastic fuel because it is kind to the planet because when it combines with oxygen and heat, an explosion happens that results in energy and a by product (clean water). It will change our planet to move to this source as mining of oil will no longer be necessary, which has always posed huge risks. Then there’s the burning of such fuels releasing toxins and carbon into the air, which arguably contributes to climate change.
The sinister side to all of this, the bit that I find very disturbing is how current Governments across the globe are becoming so controlling over water supplies. I guess they know what is coming and if they don’t control water supplies, there will be huge revenue deficits when they no longer make money from sale of oil.
It will be interesting to see how this plays out, but hydrogen power opens up a whole new chapter in human history.