The United States is in a recession and depends on foreigners to fuel our country. Oil companies are taking advantage of the power they have over gas prices and the economy is at one of the lowest points in all of our history. It can be seen that the way things are going now that change needs to occur for America to get back on its feet. Drastic changes will need to happen if we are going to continue to enjoy living in a very advanced and prominent country. By developing proper offshore drilling techniques, and alternate energy, America could eliminate debt and lessen dependence on foreign oil.
Introduction Dubai is small city, located in the Arabian Gulf, it is member of a federation of the United Arab of Emirates. The Dubai phenomena is very controversial. Any observers can conclude that the Dubai is very important area for business, and it is itself had many free trade and business. Nevertheless, many refers to Dubai as one of the most important global city for economic growth. On the other hand, Dubai had witnessed many economic crisis in less than 10 years.
The UAE is the federation of 7 Emirates in which they are Dubai, Ajman, Umm Al-Quwain, Sharjah, Abu Dhabi, Al-Fujayrah and Ras Al-Khaima. All these Emirates are governed and ruled by the Federal Supreme Council. Dubai as well as Abu Dhabi not only they are the richest but they dominate UAE economy. In UAE the oil was discovered about 35 years ago and starting from that time, UAE was no longer a desert; it became a modernistic country with high criterion of living. After the economic crisis, the economy of UAE has shrinked in 2009 where oil prices decreased and narrowed international credit.
Figure 6 above shows the production and consumption capacity of the country which clearly depicts the exporting behavior of the country. In the year 2009 the total oil production was 2350 thousand barrels per day where as consumption was only 320 thousand barrels per day which allow the country to export the oil to other nations and increase their income level. From the figure the it can also seen the how Iraq- Kuwait war in 1992 impact the Kuwaiti oil market and its production
The UK has huge coal, natural gas, and oil deposits; however oil and natural gas reserves are on the decline making the UK a net importer of energy in 2005 (http://epp.eurostat.ec.europa.eu, 2013). Income statements AuthorLastName3 presentation In the United Kingdom, The Whole of Government Accounts (WGA) is a publication by the UK’s National Audit Off... ... middle of paper ... ...et Debt 1159 It is important to note that in the UK, the biggest spending department for public money is social security. It takes almost a quarter of the total public spending. Its main purpose is to finance several benefits such as Unemployment, housing benefit, child support and pensions, additionally; The UK spends an average of £7.8 billion or 0.7% of GDP on Foreign Aid, with 35.2% taxes of its GDP (http://www.oecd-ilibrary.org). In AuthorLastName6 the financial year 2011-2012, the UK governments spending accounted for around 47% of its GDP as illustrated in the diagram below.
It pays its attention especially to the bu... ... middle of paper ... ...in. Bahrain is one of the leading countries in producing aluminum and the second biggest export of it after oil. Bahrain's GDP growth rate in 2012 reached 0.04% and the unemployment rate was 4.2% in 2013. Bahrain's inflation rate was recorded at 3.70% in 2014. The total revenue was $8.378 billion and the expenditure was $8.675 billion in 2012.
Because of the crisis that is going on in Libya, Libya’s oil production and exportation has been greatly affected. This country is a member of OPEC, Organization of the Petroleum Exporting Countries. Libya is the world’s seventeen largest oil producer, the thirds largest oil producer in Africa, and the continent’s largest crude oil reserves. (Hauser, 2011) Since Libya has such an important part in the oil industry, the crisis has affected other countries and their trade, such as the price of oil and gas, as well as monetary value. Libya only contributes two percent of the world’s oil supply.
Moshiri &Banihashem (2012) concluded that, many oil-exporting countries are heavily dependent on exports from oil revenues, so when oil prices are low, their economies suffer, and when oil prices are high, their economic activities boom. The recent drop in the prices of crude oil has drawn everyone’s attention towards the crucial role that oil plays in the economy
Figure 1 Economies of Scale as a factor of Monopoly Cost Average Total Costs Quantity of output Saudi arabia's petroleum monopoly is very much its' government's major interest. The kingdom earned over $80 billion in revenue from oil in 2000. (economist.com 2003) OPEC's ability to influence the market price is the key of its power. Compared to a competitive firm, the demand curve for a monopoly is a horizontal one as it can set any quantity it wants for a given price. The demand curve slopes downwards... ... middle of paper ... ... production costs is amongst the lowest in the world.
Saudi Arabia exports the largest amount of oil compare to the whole world. Oil been always having its ups and downs but lately oil reach the lowest point in many decade, between 2014-2016 Saudi made strategic plans and challenges to make the economy a little bit more independent from oil. There are many issues facing the case of a change in the government of the Kingdom , as a reflection of this change on oil prices and the budget deficit in addition to the effect of the change on unemployment, education and health care issues , and the extent of diversification of the economy and meet the oil production in the developed world. Saudi Arabia’s challenges in the Global Oil Market . The first challenge ,the adoption of the Saudi economy on oil and gas , accounting for around 44 % of GDP , than those imposed by the trend toward rapid economic diversification of income sources.