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Effects of the price of crude oil
The impact of opec
The affect of OPEC on the world economy
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Recommended: Effects of the price of crude oil
Supply of Oil
“Since 1974 oil-exporting nations have substantially increased their imports in order to finance development plans and to pay for highly technical military training, equipment, and sophisticated defense systems such as the airborne warning and control system, AWACS. From 1972 to 1983, OPECs imports increased approximately sevenfold. Furthermore, exports to OPEC from OECD as a percentage of the latter's total exports increased from 4.1 percent in l972-73 to 8.8 percent in 1975-82, then to 8.4 percent in 1983; and it dropped to 7.1 percent in 1984.” (http://www.georgetown.edu/users/johnsonj/oweiss/petrod/increase.htm)
“Dynamic forces of oil supply and demand led to all excess supply in world markets since 1980, which in turn led to a de facto decline in the price of oil even before OPEC's London agreement of March 1983 in which the official price was reduced by approximately 14 percent. This oil glut in world markets was the result of at least three mutually dependent dominant forces: high oil prices, increase in production, and reduction in demand.”
(http://www.georgetown.edu/users/johnsonj/oweiss/petrod/since.htm)
“First, following the initial leap of 1973 the price of oil was once again drastically increased in l979. This rise led to a substitution of other sources of fuel and a reduction in real income, which contributed eventually to a decline in the demand for oil after a three-year time lag.”
“A second factor in the oil glut was the increase in world oil production--a predictable economic consequence of rise in its price.”
“A third factor in the oil glut was decreased demand for oil. The 1980 economic recession, which had plagued the world economy and which had markedly reduced the productive capacity of industrial nations by its greatest percentage decline since World War II, was a dominant force in reducing the demand for oil yet further. As their gross national products headed downward because of the recession, industrial nations reduced their imports. This, in turn, led to a reduction in foreign exchange earnings of the less-developed countries. These had, therefore, to curtail their purchases from abroad, including imports of oil. A multiplier effect of all such factors had a marked effect on the demand for oil in world markets.”
(http://www.georgetown.edu/users/johnsonj/oweiss/petrod/since.htm)
DEMAND
Demand for Oil over Time
(http://www.georgetown.edu/users/johnsonj/oweiss/petrod/time.htm)
“A conventional downward-sloping demand curve is not, in [Dr. Oweiss’]opinion, sufficient to explain the interaction of oil prices and quantity demanded over time. In studying the dynamics of international oil markets which differentiates between upward and downward trends in prices. A small rise in the price of oil, from its low, pre-1973 level, will not change the quantity demanded, for demand at such a low level may he regarded as perfectly inelastic.
Energy Crisis (1970’s) states that the crisis officially began when the “Organization of Arab Petroleum Exporting Countries (OAPEC) reduced their petroleum production and proclaimed an embargo on oil shipments to the United States and the Netherlands, the main supporters of Israel.” They did this because of the United States providing support to Israel during the Yom Kippur War (Energy Crisis (1970’s)). Although it “ended in late October, the embargo and limitations on oil production continued, sparking an international energy crisis” (Energy Crisis (1970’s)). The United States presumed that a boycott would damage the Persian Gulf financially, however, because of the rise in the price of oil, it actually helped them (Energy Crisis (1970’s)). The price of oil actually shot from $3 a barrel to $12 a barrel. (Energy Crisis (1970’s)). This produced tremendous lines at gas stations, exorbitant gas prices, and people were told not to put up Christmas lights. Other countries that were affected could only heat one room in the winter (Energy Crisis (1970’s)). The American auto manufactures were injured as well while they were turning out large vehicles, whereas Japanese manufacturers produced tiny fuel- efficient autos (Energy Crisis (1970’s)).
Pratt, Joseph A. “Exxon and the Control of Oil.” Journal of American History. 99.1 (2012): 145-154. Academic search elite. Web. 26. Jan. 2014.
Since the 19th century, gas has gradually become a necessity to mankind. It has been used for lighting our houses, to produce heat, to cook our food and to run our vehicles. As time passed, the price of gas has known many changes in Montreal. By the year of 2008 the price was relatively low, but suddenly became very high in 2014. This year in Montreal, the prices are as low as 3.4 US $/G. When considering the previously mentioned facts, we ask ourselves why the price of gas is low and what are the factors fluctuating its price. The main factor responsible of gas price changes is the cost of oil.
Aside from causing a major shift in geopolitical power, WWII also solidified the integral role oil played politically in national security. However, following the war the United States was no longer the world’s largest oil producer and was unable to maintain self-sufficiency as it had in the past. As a national security imperative oil was more important at this point than ever before. America’s war machine needed to be well oiled in case the new Cold War suddenly turned hot.
"United States Oil - Exports - Economy." Index Mundi - Country Facts. Web. 26 May 2011. .
Cardiovascular disease is currently the nation’s leading non-communicable cause of morbidity and mortality. According to the American Heart Association, the most common form of cardiovascular disease is coronary artery disease, a condition in which the heart’s blood supply is reduced due to a narrowing of the coronary arteries. These arteries play a significant role in regulating the flow of oxygenated blood to the heart. As blood circulates through the arteries, it exerts a force against the vessel walls, known as blood pressure. To withstand this pressure, elastic fibers interspersed along the artery walls allow the arteries to expand and recoil. Abnormally high blood pressure, however, will cause these muscles to thicken as a result of tears in the damaged artery walls trapping particles that aggregate as plaque. Progressive build-up of plaque ultimately leads to a narrowing of the arteries, subsequently diminishing blood flow to the heart and other body organs. This cascade of events triggered by high blood pressure illustrates why hypertension is one of the most important risk factors for cardiovascular disease. Affecting 1 in every 3 adults in the United States alone, hypertension substantially raises the risk for heart disease in an affected individual who, most likely, does not show any signs or symptoms. In addition to the risks associated with this “silent killer,” comorbidities such as obesity, diabetes, and high cholesterol can drastically worsen health outcomes in hypertensive patients. Given the high prevalence and severe consequences of hypertension if undetected, researching this particular topic will increase our understanding of the causes of hypertension by identifying and narrowing down lead candidates for pot...
" Oil is the life blood of our modern industrial society. It fuels the machines and lubricates the wheels of the world’s production. But when that vital resource is out of control, it can destroy marine life and devastate the environment and economy of an entire region…. The plain facts are that the technology of oil-- its extraction, its transport, its refinery and use-- has outpaced laws to control that technology and prevent oil from polluting the environment…" (Max, 1969). Oil in its many forms has become one of the necessities of modern industrial life. Under control, and serving its intended purpose, oil is efficient, versatile, and productive. On the other hand, when oil becomes out of control, it can be one of the most devastating substances in the environment. When spilled in water, it spreads for miles around leaving a black memory behind (Stanley, 1969).
World War I, which from now on may be seen as WWI, may seem like a dirty war full of death and hardship, which it was, but it also was a time of great improvements in technology, technology, which eventually gave way to the massive improvements during World War II, which may now be seen as WWII. WWI saw innovations such as the tank, the flamethrower, poison gas, and a little known thing known as an interrupter gear just to name a few. Tanks were a great innovation that forever have changed the world we have today. At the beginning, men were only in the trenches, and anytime anyone wanted to gain any little amount of ground, they would get destroyed by a flurry of rifle ...
Despite the fact that lucid dreamers are in their dreams, they are not altogether of it. This allows one to confront face-on otherwise fearful nightmares and anxieties, allowi...
finding new ways to drill for oil and also refine it more efficiently to ensure that
Scientific debate regarding the validity of lucid dreams has existed for some time. Some believed that so-called lucid dreams were not dreams at all, but brief arousals from the sleeping state analogous to day dreaming. As recently as 1985 David Foulkes ...
In conclusion, OPEC's monopoly of the petroleum industry has been a strong one since the 1960's since its members enjoy economies of scale. Its decisions concerning the output of petrol have always been strong affecting the rest of the world. This monopoly is socially inefficient due to the output and the deadweight loss that results. Interestingly enough, to break this monopoly, the new Iraq has the potential to turn the market power around.
The Kingdom of Saudi Arabia is a petrostate. It is a petrostate in the sense that the oil sector dominates the national economy and international exports. (Colgan 226) This is due to Saudi Arabia’s one crop economy, oil. (Ali 100) Oil accounts for 70-80% of the state revenue as well as roughly 95% of export revenues. Before the discovery of oil in the 1930s, the economy rested on Islamic pilgrims. Containing the Grand Mosque, Al-Masjid al-Haram, Saudi Arabia gets a large influx of believers every year for the Hajj, one of the Five Pillars of Islam. During this time of year, income was made by food and shelter sold to the travelers. This was enough to support the state, but not enough to make it the monetary power it is today. What allowed for Saudi Arabia’s climb in the world economic ladder was oil. Oil has been a valuable industrial resource since the beginning of World War 1. Since then the demand for oil has progressively become higher and higher amongst industrial nations, allowing for oil rich states to receive large amounts of affluence. Among these oil rich states is Saudi Arabia, the region with the highest capacity for oil production out of the entire Middle East. From their remarkably high oil production, Saudi Arabia was able to gain considerable amounts of wealth and political significance. Oil in Saudi Arabia politically affected the Saudi government in both their foreign and domestic policy by providing economic power, the ability to fund wars, the ability to use economic diplomacy.
Of this type I experienced and wrote down 352 cases in the period between January 20, 1898, and December 26, 1912. In these lucid dreams the reintegration of the psychic functions is so complete that the sleeper remembers day-life and his own condition, reaches a state of perfect awareness, and is able to direct his attention, and to attempt different acts of free volition. Yet the sleep, as I am able confidently to state, is undisturbed, deep and refreshing. I obtained my first glimpse of this lucidity during sleep in June, 1897, in the following way. I dreamt that I was floating through a landscape with bare trees, knowing that it was April, and I remarked that the perspective of the branches and twigs changed quite naturally. Then I made the reflection, during sleep, that my fancy would never be able to invent or to make an image as intricate as the prospective movement of little twigs seen in floating
Due to continuous changes in the concept of the American Dream throughout its prolonged existence, it is difficult to have one sole definition. The American Dream has always been a major concept that stems off of many ideas such as liberty, prosperity, equality, and opportunity, which still exists, to some degree, in our vision of the Dream today. America has always been known as the “land of opportunity” and has always emphasized the importance of future generations surpassing the success of their previous ones. But just because our present concept of the Dream may seem to overlap past concepts, it does not mean the Dream has remained what it was in the past. Actually, it is an entirely new image, morphed by social, political, and economic issues. What has it become? A society corrupted by materialism and deteriorated by the failing economy, leaving younger Americans hopeless and older Americans fearful of America’s future. It’s alarming that Americans are constantly taking their rights and freedom for granted, always wanting more than they can get– and quite honestly, what they can get is not even that much to begin with. As our economy collapses into chaotic hardships and our desires override our moral obligations, the American Dream has ultimately become the American Nightmare.