This publication examines various topics and issues related to the world oil situation. Major areas considered are: (1) the nature and consequences of the current oil glut; (2) a historical overview of the petroleum era (with analyses of the three time periods of 1900-1973, 1973-1979, and 1979-1981); (3) the geopolitics of oil (including data on oil production and revenues from the Organization of Petroleum Exporting Countries (OPEC) for 1973, 1980, and 1984; (4) the limits to world oil use (explained by graphs on world oil reserves and data on oil production, reserves, and reserves/production ratios of 12 major oil producing countries); (5) energy efficiency and new energy sources (listing major sources and consumption rates from 1973 to 1984); and (6) energy policy framework (with trend analysis and political implications). It has been recognized that opportunities have been increasing for many countries in energy self-sufficiency and oil dependency has diminished. (ML)