The mineable deposits of Canada’s Oil Sands are about 3 percent. Venezuela has the largest oil reserves, followed by Saudi Arabia, Iran, and Canada. The problem is that reserves are running out because of high demand. This happened in the midst of the global financial crisis, dealing a heavy blow to a vulnerable and weak global economy. Oil is a nonrenewable energy resource, and experts warn that the level of consumption is already unsustainable. We may face an oil crisis in the near future unless we cut energy consumption. The developed and developing countries are heavily dependent on oil. And alternatives such as tar-sand oil are harmful for the environment.
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