"The figure depicts that, MSB= MB+Positive Externalities Where positive externalities = E1E2MSC= MC+Negative Externalities, Where Negative Externalities = O1O2.The Oil price market is associated with some harmful externalities in the market. Such arerandom use of this natural resource, exhaustion occurs due to the intensive usage of petroleum,increment in theamount of vehicles etc. The main negative externality that affects the economyextensively is the random emission of the greenhouse gases. The random consumption of severalkind of fuels are the reason behind these excess increment of greenhouse gases in theenvironment. The fall in Oil and Petroleum price influences the society to use more fuels. Thus,pollution increases and affects the economy as a whole. However, UK Government can takeseveral steps to reduce the consumption of the fuels(Fowler & Hope, 2007).Introducing other substitutes of Petrol:The price of petrol is increasing day by day. The stock of this natural resource tends to beexhausted in near future. The world has to consider about other substitutes that can be used as thereplacement of the Oil. So the natural gas can be used as the replacement of the product. Theprice of the Natural gas is lower than that of price of Petroleum(Carollo, 2011). This thing canhelp to decrease the price of the oil. Though the price of the natural gas is lower and using solarenergy or natural gas is much more sustainable for the economy, it needs a huge amount ofinvestment to create these energies. Developed country like UK has good infrastructure andfacilities to establish these set up but it is not easy for the developing countries to afford theseinfrastructure.13 Increase the intensity of using Public Transport rather than private Transport:In the developed country like UK, maximum people use their private vehicle as the transportmedium. So the usage of the fuel is increasing day by day. More and more the country isdeveloping, higher the consumption of the fuel will be. The UK Government should encouragetheir people to use public vehicle more intensively instead of using their own cars or bikes. Theprivate transport wastes so much natural resources like petrol, oil, gas etc. Moreover theGovernment can take some strict action against intensive use of private transport. It can increasethe tax rate on vehicles or the decrease the fair of using public transport. So the people will notbecome able to buy private cars randomly and use public transport. Then the reduction in theconsumption become possible(Daly & Farley, 2004).Increase the use of Renewable Resources:The Government can increase the production of renewable resources. The demand of the peopleis endless so it is not easy to pressurize them to cut their consumption. The government has toinnovate some other resources to satisfy its country people. Some renewable resources are verycommon these days. The United Kingdom recently has increase their production of solar powerand cutting their consumption of fuels(Sen, 2008). The United Kingdom had fitted near about 12megawatts (MW) of photovoltaic dimensions and embodied only 0.3% of entire European solarPV of 3,400 MW(EPIA, 2010). The government should try to influence people to use someresources that will not become finished in any time. UK is taking major steps toward theconsumption of other resources like natural gas, solar energy etc. The increase in use ofrenewable resources tends to decrease in the use of non-renewables. 14 Reduction in dependency:The UK market of Oil and Petroleum is extensively dependent upon the Middle East countries.The supply of the petroleum and the oil in UK comes from the Middle East countries. It is amessy procedure to supply oil from those countries. Also the price set by the OPEC has to bemaintained by the supplier. The OPEC curtail charges high price for petroleum from othercountries(Oil Price Analysis, 2014). So the price of the fuels increased in the internationalmarket. However the dependency cannot be reduced easily because it is naturally provided bythe nature. The only way that UK can deduct the dependency is to introduce some substitutes ofthose fuel in the market.Increase the use of different type of Vehicles: UK Government may encourage their country people to use cycle as private transport mediumto reach their destination. Using cycle is good for health as well as it does not need any fuel torun. People also can use their foot to reach their destinations. This is another way that the peoplecan reduce the consumption of the Oil. The technology is improving day by day. The batteryscooter and cars are new innovation of the decade which help severely to reduce pollutionbecause battery vehicles does not need oil or petrol consumption(Great Britain, 2012). The priceof such equipment are cheap and easily available to buy. This way the demand of the petrol willbe decreased and supply will be increased. Then the price of oil will fall further due to lowconsumption and the country can preserve more for the future.15 Preserve Stocks for Future:The Government should preserve their stock for future. The UK government can cut their excessconsumption of and Petrol or Oil and preserve them for the future concern. Preserving stock forthe future will increase the stock of supply and hence the possibility of consuming in future willbecome high. This way the Government can meet the future demand for the petrol and the oil.Traffic Jam:The number of vehicles are increasing day by day the country is developing faster. This increasethe frequency of the traffic jam. The traffic jam is another reason of wasting the petrol.Maximum vehicles in the jam keep on their engine until the signal is become green. These leadto the loss in the stock of petrol and crude oil. The government should take some strict action toreduce the frequency of traffic jam across the country.Conclusion:The above discussion depicts that the exhaustible resources will become finished one day. ThePetrol and other non-renewable resources are not exception in that case. This is important forpresent generation to consider about their future generation that they also can consume theresource and sustainability retains(Gordon & Valentine, 2009). So the government has to takesome serious steps to decrease the consumption of Oil. The renewable resource like solar energy,wind energy etc. are using these day but the country has to increase the usage of such resources. 16 "