Published Paper Details:

Energy is the driving force of economic growth and its vital element to support the modern economy. Future economic growth of each and every nation�s crucially depends on the long-term availability of energy from different sources that are affordable, accessible and eco-friendly. But at present oil and gas are among the most important energy sources in the world. One thing we need to understand that we need oil and without oil we can�t imagine anything because it became a bloodline of each and every nation�s - currently around 90 million barrels of crude oil consume in each day. We all know that oil can be used for many purposes other than fuel for energy or transport. And yet we are constantly hearing new and often contradictory forecasts about the potential reserves of oil and gas. Efficient, reliable and competitively priced energy supplies are necessary requirement for increasing economic growth. For each and every developing nations, the strategy or policy to obtain and meet the energy demand for the domestic are the integral part of the overall economic strategy. Efficient use of resources and long-term sustainability in its utilization is prime importance for economic development. The research will study each and every aspect why there will be a direct relationship between rising oil price and economy. It will also give detailed information�s, if there are any differences in oil price effects on economic growth between countries.