If electricity lights up our houses then petroleum, in one way or the other, provides the fuel for its production.
Hence, both have become an essential part of our lives. But ever thought about what do we need more?
Global consumption of electricity has increased from 6,129 TWh in 1980 to 25,606 TWh in 2017 ( neglecting the off grid losses).
Currently, Asia consumes 80% of the total electricity consumption around the world (60% by China alone) and all this to power industries, light up billions of households and for the technological advancements.
And yet electricity accounts for about 20% of the total energy consumption of the world, the rest 80% is harnessed from fuels like coal and petroleum for heat and transportation purposes. Among these fuels, oil has always been the largest energy source (33% of the total energy consumption) despite the fact that its share has been decreasing over time.
Although Its share in the electricity production is only 7% but it is still considered the backbone of economy. Almost every means of transportation, from land based to airways, still depend on oil as the main energy source.
Saudi Arabia, Russia and the United States accounted for 34% of total oil production in the world in 2011 and are among the top economies of the world. Saudi Arabia has always been the top exporter of oil in the world and its ranking in the human development index is 39 out of 189 countries while China being the top producer of electricity, has HDI ranking of 85.
So it may be true that, on a personal level electricity is our basic need but as we do an in-depth analysis, we are a lot dependent on oil for our upliftment and progress.