TRENDS ON THE GLOBAL FUEL MARKET

The author distinguishes three stages in development of global economy according to the criterion of access of the high developed countries to energy resources. He claims that in the first stage the impact of this factor on the development of global economy was very favourable as the countries' industrialization was based on their own rich resources. The second stage witnessed a considerable dependence of high developed countries on foreign resources which did not cause any difficulties in the development of motorization and energy sectors. The third stage, however, which was initiated by the energy crisis of the 70s of the 20th century, a significant increase in dependence of USA, EU and Japan on the imports of oil and gas was accompanied by a more difficult access to these resources. The future prospects look even worse. This is due to the unprecedented in the history of global economy the alternative market for oil and gas producers in China, India and other developing countries. The developed countries' own resources of oil and gas run low and their new sources are far from being rich. The author concludes by presenting two major ways of counteracting energy threats: the introduction of new international trade policy towards oil producers, especially the Arabic countries and acceleration in the search of alternative sources of energy.