A service truck drives past an oil well on the Fort Berthold Indian Reservation in North Dakota, which produces nearly a third of US’ oil. PHOTO: Andrew Cullen

Oil is one of the non-renewable resources available on the planet, and its scarcity is inevitable if the supply does not meet the growing demand in the current scenario, and it may even lead to “resource wars” among states in the coming years. Oil prices are now near a six-year low, moving down today to about $44 a barrel. The fall has been precipitous: Only a year ago, crude oil was more than $100 a barrel. With the world of oil production being susceptible to the smallest of changes in the global market, it shows up as a space conducive to innovations that can potentially make it economical.

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