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impact of gas and oil industry in the world
impact of oil price on global economy
impact of oil price on global economy
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Oil and world Economy
Question: Examine the oil industry in relation to the world economy, utilising any economic theory / theories you think appropriate.
One of the most important energy resources since human invested the machine is oil and its products. But as all resources scarce, oil is limited even more. Only few countries in the world have oil fields and produce oil for the rest. Therefore, in nowadays where factories, cars and oil-fired central heating increased significantly, oil has become a necessity for the society.
People’s demands for oil and its products, fuel, gas and oil for central heating is unlimited, but supplier countries produce a fixed number of barrels of oil everyday so as to maintain a technical shortage and, of course, higher profits. These few countries are the oligopoly of the industry, have a market leader and there are barriers to the entry of new countries (Sloman 1997 : p.124). These countries are dominating the market of oil and created the Organization of Petroleum Exporting Countries (OPEC) in 1960’s. OPEC is an intergovernmental organisation that offers stability and prosperity to the petroleum market. Membership is open to any country which is a great net exporter and which shares the same ideas of this organisation. OPEC has now 11 members and supplies more than the 40% of the worlds oil market.
The price of oil over the last year has increased approximately over 100%, reaching the highest levels over the la...
Catch-22 is a fictional novel written by author Joseph Heller that takes place during the end of WWII. The US entered WWII in December 1941 in reaction to the attack on Pearl Harbor by Japanese air forces. The book is set in Italy, where the main character was stationed and where the US forces were fighting the axis powers. Heller himself was a bombardier like his main character, Joseph Yossarian. They were both also stationed on small islands off the coast of Italy: Heller on Corsica and Yossarian on Pianosa. Heller’s personal experience during the war shaped his descriptions and characterizations in the novel.
Catch 22 is a story about the different personalities that can be involved in a war. Out of all the different archetypes, the three I’ve chosen are John Yossarian, Albert Tappman, and Milo Minderbinder, although, not in that order. The first character being analyzed is Yossarian, the unwilling hero of this book. Although the book labels Yossarian as the main character, he constantly tries to coward out of going to battle. The second character that will be described is Milo Minderbinder, the archetypical business person of Catch 22.He runs the camp mess hall and controls what everyone in the camp is buying, selling, and eating. Milo is constantly trying to control or manipulate the economies around him, and after he gets a large commission from Germany to bomb his own camp. This gets him in trouble with every economy he’s dealt with, and in order to “help the syndicate”, he has to give up all of his profit. The last character that will be discussed is Albert Tappman, the Chaplain, who is best known as the corrupted innocence. Although he is one of the main characters, Al is the most neglected and, the least noticed. He receives the most trouble from the other characters in the book such as the daily verbal abuse from Corporal Whitcomb, and the confusing conversations with Colonel Cathcart. By the end of the book, he also begins to question his own faith and starts bringing lies and violence into his life after the death of Nately. Every character has their own story, and by describing three of the most differential archetypes in the story, the main story is explained better.
This is an iconic passage from Joseph Heller’s Catch-22, a novel set near the end of the Second World War. Crazy, and yet hauntingly logical at the same time, Catch-22 manages to convey the horrors of war from a unique perspective. This novel leaves the traditional idea of the “enemy” (in this case, the Nazis) is in the background, as the primary focus is on how the soldiers fight for their lives against the bureaucracy of their own army.
In Catch-22, opposite Miller's The Crucible, Joseph Heller utilizes his uncanny wit to present a novel fraught with dark, satiric comedy tied up in a relatively formless plot. The character of Nately acts as a focal point for many of the humorous oxymoronic criticisms contained within Catch-22, as "Nately had a bad start. He came from a good family" (Heller 34), and he ".was the finest, least dedicated man in the whole world" (35). Proliferating Catch-22, satirical dark comedy appears in every chapter, even in the depiction of death (Cockburn 179): ".McWatt turned again, dipped his wings in salute, decided, oh, what the hell, and flew into a mountain"(Heller 157). Furthermore, the plot of Catch-22 follows a cyclical structure in that repetitions of particular events recur in a planned randomness, an oxymoron that pays tribute to Catch-22 itself (Merrill 205-209). A recurring structure within Heller's novel defining his ...
A Marxist reading enables the critic to see Catch 22, by Joseph Heller, as not simply an anti-war novel but a satirical representation of the absurdity of American bureaucracy and capitalism, and thus shows the extent to which the situation at the time was of concern to Heller. The novel takes place in Italy during World War II and the novel follows Yossarian who is a part of an air squadron yet Heller confirms that “The elements that inspired the ideas came to me from the civilian situation in this country in the 1950s”. Marxist literary criticism claims writers are formed by their social contexts. Indeed, Heller’s social and political climate formed Catch 22, which Heller criticizes the complacent attitude towards profiteering at the expense of the individual. This is achieved through the voices of key characters, such as Yossarian, who dare to question the moral complacency of Catch-22’s military bureaucracy. As Yossarian struggles against the self-interested bureaucracy, Heller illustrates that the individual will always struggle against the vested interests that control the world.
... point of silliness) directly opposite a serious point in order to make the point more obvious. The fact that Heller chose religion as a subject to tackle shows great strength, particularly considering that Catch-22 was originally written in the late 1950s - a time in which the concept free-thinking was still in its infancy. The method of satire as a means of attacking an issue provides an effective outlet for the expression of ideas while maintaining a light overtone as a defense against retaliation. The scene pertaining to the atheism debate was both amusing and thought provoking, a task difficult to overcome.
“The alternating play of humor and horror creates a dramatic tension throughout that allows the book to be labeled as a classic both of humor and of war. With the humor in Catch-22 we are forced to conclude is only secondary. Where Heller comes through in unalleviated horror is where the message lies. The books humor does not alleviate the horror it heightens it by contrast.” (Riley, Carolyn & Phyllis Carmel Mendelson).
According to Oppenheimer, Adolf Hitler idolized Mussolini’s rise and respected his tactics to gain power. Hitler was a violent leader who brought
One of the few main targets of Heller’s satire is the bureaucracy and unfairness of this system within the establishment of the military. Because the book is set in a military base during the war, Heller uses characters and situations to manifest his ridicule upon the higher ranked men who are responsible for this. Colonel Cathcart, the commanding officer in Yossarian’s regiment, is obsessed throughout the book with becoming a general and that is what his character desires to achieve throughout the story. He is also joined by his lieutenant colonel, Colonel Korn, who is obsessed with being a full colonel. But in the novel, these obsessions become relentless and higher ranking officers such as Korn and Cathcart yield power to their advantage for their own ambitions, thus stripping away democratic freedoms of the lower ranking officers such as Yossarian and creating a relentless bureaucracy. Instead of flying the extra missions Colonel Cathcart continuously assigns for his country, Yossarian realizes that it really has nothing to do with the war effort and begs the question, "am I supposed to get my ass shot off just because the colonel wants to ...
First of all, Heller’s Catch-22 is a satirical novel, as stated above. While there are many different possible satirical techniques, such as irony and exaggeration, that Heller uses, he focuses mainly on using comedy, particularly dark or black humor, to satirize the bureaucracy, war, and life. As Daniel Green says, “no character, not even the apparent protagonist, escapes the ravages of mockery and ridicule”(Green). Heller uses several main comedic events in the novel to satirize the bureaucracy. The first event is Doc Daneeka's so-called “death.” Doc Daneeka, who hate...
The modern world of today runs on fossil fuels with crude oil being the live blood of industrialized countries. Though much of the twentieth century old was plentiful easily acquired and low in cost it has only been in the past thirty years that we have seen oil prices rise substantially. This can be attributed to many different reason. These price changes have challenged the industrialized world to become more creative with their techniques of both acquiring oil and using it.
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.
Heller reveals information not in the conventional manner of regular time sequencing and revelation of information correspondingly, but through the repetition of events and flashbacks, thus passing on to the readers the suffocating feeling of soldiers in a merciless system of needless and unwilling sacrifice. The different story lines of the different characters occur in the same –relatively- period of time, but appear as entirely different chapters in seemingly non-consequential parts of the novel. That disorganization, as well as the repetition from re-reading the same key events with new character insights adds to the overall feeling of confusion and madness that permeates from told events and descriptions of bureaucratic inefficiency and lunacy. For example, the readers are told the full story of Snowden’s death from the perspective of Yossarian, but never the full story at once. Heller divulges the story, in all, three times at various points in the novel, each time revealing more information as to why the death impacted Yossarian so profoundly. The repetition of such events gives the readers the feeling that they have already experienced that event before, and the inescapability of the soldier’s situation becomes clearer; just as the readers feel trapped by the cyclical revelation of information, the solders feel trapped by their own country’s
The U.S dependency on foreign oil presents many negative impacts on the nation’s economy. The cost for crude oil represents about 36% of the U.S balance of payment deficit. (Wright, R. T., & Boorse, D. F. 2011). This does not affect directly the price of gas being paid by consumers, but the money paid circulates in the country’s economy and affects areas such as; the job market and production facilities. (Wright, R. T., & Boorse, D. F. 2011). In addition to the rise in prices, another negative aspect of the U.S dependency on foreign crude oil is the risk of supply disruptions caused by political instability of the Middle East. According to Rebecca Lefton and Daniel J. Weiss in the Article “Oil Dependence Is a Dangerous Habit” in 2010, the U.S imported 4 million barrels of oil a day or 1.5 billion barrels per year from “dangerous or unstable” countries. The prices in which these barrels are being purchased at are still very high, and often lead to conflict between the U.S and Middle Eastern countries. Lefton and Weiss also add that the U.S reliance on oil from countries ...
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.