Answer: True
Explanation: Fossil fuels are the non-renewable sources of energy which means that they cannot be reuse after a single use. Fossil fuels are formed after millions of years of degradation of biological materials of dead plants and animals. Their abundance is low in nature.
These fuels are used as a source of energy. The global rise in the population cover is expected to increase in demand hence, the price of these fuels will increase.
Therefore, Global fossil fuel dependence can lead to an increase in oil prices is true.