Cultural Values On Oil Production Essay

Cultural Values On Oil Production Essay

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Sociocultural factors is concerned with a society’s attitudes and cultural value according to Dr. Wolfe. Society’s attitudes on oil production are changing and people are aware of effect of global warming and are starting to change their behavior. Being more conscious of global warming people are moving their preference from gas guzzling SUVs to hybrid and eclectic vehicles. The trends underlying this are the richness of natural gas, new technologies, and the digitization of the grid. With oil being cheaper it may slow the interest of eclectic vehicles in the short term. In the medium and long term advances will add to pressure for efficiency in internal combustion engines. Currently, an estimated one million barrels of oil are wasted in the US due to traffic congestion, which will end up reducing demand for oil. Right now the business world is actively trying to respond and put proposals together on energy spectrum of oil and gas, utilities, energy technology, and renewables. Several are trying to advocate a clear carbon pricing policy, with a trajectory of costs, as a potential solution. As of right now in the energy segment there is much ambiguity about the impact of fast moving innovations in areas such as big data, nanotechnology, and artificial intelligence. Some can be thought of right now, such as improvements in efficiency by optimizing the grid and reducing mistakes. There are also implications that nobody has even thought of yet. While it’s very important to constantly adapt to new social preferences OPEC unfortunately doesn’t have that luxury since they don’t invest in other types of energy, but based solely on oil and gas, which in the future might become obsolete. According to author Petek Political factors are most ...


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...d $40 a barrel to pay high-yield bonds they use for financing. OPEC bet and hoped the shale oil producers would go out of business, allowing it to keep its dominant market share. It didn’t happen in 2015, but has a chance to in 2016. Another factor in price control is access to future supply, which depends on oil reserves. This includes what’s available in U.S. refineries. The reserves can be accessed very easily, increasing oil supply if prices get too high. Saudi Arabia can also tap into its large reserve capacity. The last is oil demand and trying to forecast at what times do people use gas the most. When looking at the season’s summer is when the demand would be the highest, and winter being the slower months where drivers don’t drive as much. These are the main economic factors constantly affecting the price of oil and what OPEC is able to sell their product at.

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