Using diagram, show that at a given price, demand for oil is rising. Oil being a nonrenewabl source, is becoming a scarce good. What measures can be undertaken to meet the growing demand for oil? Why is it impotant to maintain equality between its demand and supply?

Using diagram, show that at a given price, demand for oil is rising. O

1.	Using diagram, show that at a given price, demand for oil is rising. Oil being a nonrenewabl source, is becoming a scarce good. What measures can be undertaken to meet the growing demand for oil? Why is it impotant to maintain equality between its demand and supply?
Answer» Solution :Demand for oil rising at a GIVEN price is alarming for the nation as to achieve the objective of sustainable development, we need to maintain it for the needs of future GENERATIONS too. We should make people aware of SHORTAGE of oil and ENCOURAGE them to USE public transport system, car pools etc. There should be optimum use of scarce oil.