Oil and Gas Shortage

Paper Summary:

The paper discusses the oil and gas shortage in the United States and the effects this has had on the American economy. The paper attributes the rise in the cost of oil to the improved standards of living and limited natural resources, a weakening American dollar, speculative operations on the international market, the regulations implemented by the Organization of the Petroleum Exporting Countries (OPEC) and the conflicts in the Middle East.

Outline:
Introduction
Oil and Gas Shortage within the United States
Causes of Oil and Gas Shortage
Conclusions

From the Paper:

"The contemporaneous society is marked by various changes and the primary one within highly developed countries is that of increasing rates of consumerism. Due to increased wages and improved living standards, but also due to marketing strategies that place an increased focus onto the complete satisfaction of customers' needs and wants, the individuals have become eager to purchase more than they actually need. The rate of extraction and exploitation of the natural resources is increasing alongside with consumerism. In the past decade alone, one third of the planet's natural resources have been entirely consumed; they vanished. But this behavior has tremendous negative effects upon the surrounding environment."

Sample of Sources Used:

• Leonard, A., 2008, The Story of Stuff, http://storyofstuff.ethicalbrand.org/ last accessed on May 30, 2008
• Wallace, E., May 13, 2008, The Reason for High Oil Prices, Business Week, http://www.businessweek.com/lifestyle/content/may2008/bw20080513_720178.htm?campaign_id=rss_topStories last accessed on May 30, 2008
• Xuequan, M., April 18, 2008, Weak Dollar Not Sole Reason for High Oil Prices, Xinhua News Agency, http://news.xinhuanet.com/english/2008-04/18/content_7999121.htm last accessed on May 30, 2008
• 2004, Why are Oil Prices so High?, BBC News, http://news.bbc.co.uk/2/hi/business/3708951.stm last accessed on May 30, 2008
• 2007, International Natural Gas and Liquefied Natural Gas (LNG) Imports and Exports, Energy Information Administration, http://www.eia.doe.gov/emeu/international/gastrade.html last accessed on May 30, 2008

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