•Oil reserves are limited •70% oil requirements are being met through imports at a staggering cost of $20.4 billion (03-04) in 2012 oil import will be 85% •3 million barrels/day→$100/barrel effect-on our economy will be crippling.1$ rise puts burden of Rs.2700 crores on the economy. remedy: •Blend gasoline with 10% of alcohol •This will result in replacement of 1 billion litres of imported petroleum •US Brazil and Spain are using upto 24% alcohol in fuels per blends. •Use Biodiesel :Biodiesel can be produced by esterification of non-edible oil extracted from Jatropha,Karanjia,Pennata and Pongamia seeds, Rice branoil and waste oils. •Efforts for acquiring overseas equity in oil and natural gas must be accelerated to enhance energy security •Our oil entities have succeeded in getting stakes in Russia, Sudan, Libya, Syria and Iran. •Waste of energy should be avoided •saving of 25000 MW through EC measures in different sectors of the economy.
