Effect Alternative Fuel Will Have On The Economy
Natural resources play a big role in the economy of a nation. The energy economy decides a lot of policies for any government. But today the world is facing energy crisis. But the demand for these depleting resources has increased. As a result, prices of almost all commodities have soared to the sky. This has had adverse economic effects across the globe. |
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There are industries working towards putting an end to economical issues. Alternative energy resources are being looked upon in order to end the crisis. Today the world understands the importance of energy conservation. Even at individual level, people are looking for options to meet the cry for fuels. Even this has had its side effects. Only recently we saw increase in food prices across nations like Mexico, Haiti, Morocco, Egypt and Guinea. The reason for this is simple. The search for alternative fuel is intensifying. So farms growing crops of soybeans, palm oil and corns, are converting them into biofuels to produce ethanol and biodiesel. Food is being converted into fuel. To handle the food crisis, many countries like India and Pakistan have decided to stop their rice export for sometime. These countries are selling the rice in the domestic market at a lower rate. This has not only affected their economy but also driven to shortage of rice supply across the world markets.
But the picture is not all that bleak. There are economists who claim that alternative fuels can lead to discovery of gold mine. This can cause a revolution in economy. Natural resources like wind, sun, and biofuels need to be tapped to produce energy. This will result in an economic flourish that the world hasn’t seen since the Internet boom. Also, engine designs are being worked upon to make them as fuel efficient as possible. Plenty of well established industries are working hard towards finding that alternative soon. They are spending millions of dollars to produce a fuel that can bring a change in the economy world over.
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Ethanol is increasingly being used as an automotive fuel worldwide. Fuel used is in 10% ethanol to 85% gasoline combination. This mix is termed as ‘gasohol’. It makes a good alternative fuel. Ethanol contains molecules of oxygen that allow for an exhaustive combustion of the fuel thus increasing its efficiency. This is a renewable form of fuel since ethanol comes from plants that grow on sun’s energy. 
