The Future of Fossil Fuels on the Global Economy

Fossil fuels have evolved into becoming the lifeline of all economies in the world, be they the developed or the developing economies. The various types of fossil fuels include peat, coke, coal, petroleum, and natural gas. The dependence on use of these fossil fuels is evident in all sectors of the economy, from an industrial power source, electric power generation, source of energy for power machines and vehicles, to their use in home heating systems. The reasons for the increased dependence on these fuels are their abundance in availability, their versatility such that they can be used in various areas of application to provide energy and lastly the abundant use of technology that is only tailor made for use of fossil fuels.