Download file to see previous pages...
Oil is the world’s biggest industry. It has often been referred to as the “black gold” and the devils excrement. Oil is found in the world’s most democratic and well governed countries such as Norway and Canada and also in some of the most autocratic nations such as Saudi Arabia and Nigeria (Roberts, 2004).
In countries like Ghana and Nigeria, oil has become a curse. When oil was being mined in Ghana, the local people hoped for a better living standard and an improved sanitation. Everyone in Ghana was very excited and waited anxiously for the mining of oil for the first time in the country. They hoped that Ghana would be able to break the “curse” that had been associated with the mineral. This event only saw a few getting richer and the poor getting poorer. The same problem faced its neighbor Nigeria which is the largest crude producer in the continent. There was such a big gap between the rich and the poor because of corruption in the oil industry in Nigeria (Roberts, 2004).
Oil on the other hand has had a positive influence to all the countries that have mined it. Despite all the negative impacts of oil, countries have been able to develop and upgrade their infrastructure. Third world countries have been able to export their oil to developed countries and have been able to use this to put up infrastructure like roads, schools and even hospitals.
Oil has been referred to as ‘power’ in terms of its influence in political dominance and control. Oil is needed in order to grow food, put up infrastructure, manufacture food and transports them to the market and to advance technology. However, it lubricates both national and international politics. The following are some of the reasons that make oil such a powerful political force in the world today.
We need oil every day in order to survive. Oil is universal and it is cheaply available, we do have other sources of energy such as electricity but there has not been any other
...Download file to see next pagesRead More
Published by the Texas State Historical Association. Thomas Ladenburg, “The Supreme Court Decides,” Digital History (2007). Mar Rubio, “Oil and economy in Mexico, 1900-1930s”. Edward Peter Fitzgeral, “Compagnie Francaise des Petroles and the Defense of the Red Line Regime in Middle Eastern Oil, 1933-36 “ Giacomo Lucciani, “ Oil and political economy in the international relations of the Middle East “ (2008).
According to the paper operational dynamics in the market determines efficiency and cost and are therefore fundamental to stakeholders’ knowledge. This paper offers analysis to the market with focus on prices and market dynamics and offers expertise opinion over the market.
Oil industry remains unique and critical to the world economy and there attracts global attention with significant influence in economic policies and events. It is important to undertake a study on Oil industry from a bigger perspective ranging from production to supply and final consumption.
The market for the oil is very unusual. In the short-term, both the supply and demand are highly inelastic. This is because it is not easy to adjust the use of oil and it's by product. The oil users are shocked by the high prices but due to their habits and commitments that determine their use of energy, they take time to adjust.
In the recent months, oil prices are certainly below their August 2006 peaks. However, there are still concerns that unless we carry out measures for cutting short demand for oil and create extra ability, oil price variability may continue to pose significant risks for the global economy.
Oil prices have been a problem especially since the last decade. Something needs to be done to counteract it. Whether that something is efficient use of oil, finding alternatives or going back to the “Chinese Cycling Culture” is something which is yet to be seen, but what ever has to be done needs to be done really soon.
Countries go to war because there is the need to control oil resources which other nations might have. Most of the world’s most powerful nations have oil in their foreign policy agenda, and the Oil and Petroleum Exporting Countries (OPEC) have a strong hold of on the
that America in comparison to other global states maintains high demand for oil due to its diverse economical facilities that depend on the commodity (Bruce, 2007). These entail transport and industrial besides other domestic purposes that heavily rely on oil or petroleum
emendous pressures, and the through compaction, microbial action and chemical reaction, water is forced out material, and the carbohydrates, lipids and proteins are broken down to form kerogen which is waxy in nature (White, 2006). Bitumen is also formed in this step. This
Decreasing oil prices also assist in reducing operating expenses of the transport sector and other relatively large industries users of diesel, gasoline, and jet fuel. It is also evident that lower oil price instability
4 Pages(1000 words)Essay
GOT A TRICKY QUESTION? RECEIVE AN ANSWER FROM STUDENTS LIKE YOU!
Let us find you another Essay on topic Oil for FREE!