Abstract This paper reviews the relationships between OPEC crude oil production levels, Canadian crude oil prices, and Canadian crude oil consumption. The paper includes a regression analyses applied to relevant data to assess the effects of OPEC production.
From the Paper "Poor discipline among the member states of OPEC together with increased production in non-OPEC oil exporting states compromised OPEC's ability to dictate world crude oil prices. The organization, however, continues to play a highly important role in the world crude oil market..."
Abstract This report provides a microeconomic analysis of crude oil behavior over a 25-month period (March 2001 to April 2003). The conclusion drawn was that supply expectations, as opposed to actual supply or demand changes, were the greatest influence on crude oil prices during the period of analysis. The paper includes 4 charts/graphs and 1 table.
From the Paper "Over the past six months crude oil prices have been especially volatile although the general trend has been upward over this period. Over a two-year period however crude oil prices have also ..."
Abstract The paper researches the potential effects on the American economy of high crude oil prices in 2004. The paper discusses the dependence on oil for energy purposes and describes the energy problems in the U.S. and the world at large, including crude oil prices. The paper illustrates the effect on the American economy.
From the Paper "High crude oil prices and in turn high prices for refined products, are the source of worries about the economy in the fall of 2004. The world's dependence on energy sources, most of which are not located in areas where they are consumed, causes the locations of world energy reserves to be as crucial a concern as are the energy surplus and deficit characteristics of the various international regions."
Abstract This paper relates that while the Organization of Petroleum Exporting Countries (OPEC) is often considered to be a conglomerate of all the powerful oil producing nations of the world, the actual power of OPEC may not be as substantial as is perceived. The paper discusses the fluctuation in oil prices and how it is due to trader and investor expectations as well as speculation. The paper also examines other factors behind the price increases and then addresses the recent deflation in oil prices. The paper concludes that in order for the United States to grow in independence and away from the seemingly cartel-like oil environment of the world, an increase in domestic oil must be pursued.
Outline:
The Crude Oil Market
The Power of OPEC
The True Players of the Oil World
Eternal Demand, Finite Supply
Fluctuations in the Crude Oil Market and Price Regulation
Tangible Oil Price Fluctuations
Conclusion
From the Paper "The crude oil market is one of incredible demand with a seemingly limited supply; however this will be exhibited to be at times merely a matter of perception. The oil market in recent times, particularly within the last two years, has been relatively volatile. Prices have spiked up and dropped down, creating a situation of speculation which in turn has allowed a bubble to develop. Traders warned that the crude oil market was moving into an "unstable equilibrium" as the International Energy Agency (IEA) raised concerns about the market's ability to meet an expected jump in demand for oil-based products. (MEED 16) This lack of supply for the expected demand, which may perhaps be the result of cartel-like collusion on price manipulation, will inevitably lead to an increase in the cost of oil, which ultimately will trickle down to the consumer."
An in-depth analysis of the environmental hazards resulting as a consequence of crude oil or natural gas exploration, transportation, refining, and storage.
Abstract This paper investigates the environmental hazards that result from the exploration, transportation, refining, and storage activities related to crude oil and refined products in countries all over the world. The paper provides a holistic view of the effects of the petroleum industry. It is important to note that, for the petroleum industry as a whole, geographical boundaries and limits are generally inconsequential.
Table of Contents
1. Introduction
a. Evaluate the Topic
b. Analyze Scope and Purpose of the Project
c. Alternative Approaches to the Problem
d. Specific Tasks That Will Be Undertaken in This Study
e. Success and Monitoring Required to Access the Project Process
2. Data gathering and Analysis
a. Overview of the Issues of Environmental Protection
b. Petroleum Reserves and Extraction of Crude Oil
c. Refining of Crude Petroleum
d. Storage of Crude Oil and Finished Product
e. Transportation of Crude Oil and Finished Products
f. Used Oil
3. Discussion and Evaluation of the Study
a. Evaluation of the Information
b. Clean-Up of Spills and Contaminated Sites
4. Conclusion
5. Bibliography
From the Paper "Petroleum products are probably the most commercially and domestically used form of energy source today. As a commodity of great strategic importance, petroleum has tremendous international bargaining leverage. Railroads and pipelines were built and developed to help transport the crude oil from the areas of production to the refineries. From electricity generation to transportation, petroleum products play crucial roles in today's social infrastructure. It is however important to note that the industry is not without its problems. One of the main issues in this industry is the increased environmental impact as a result of the various processes. The potential for the occurrence of extremely hazardous conditions from processes and stages such as the transportation of oil by marine vessels and the storage of large quantities of oil ishigh."
Abstract Examines various aspects of the global crude oil market. Dominant issues. Future supply/demand assessment. Role of OPEC. Economic effects on Saudi Arabia of future supply and demand for crude oil. Discusses past developments, the energy crisis and crude oil supply and demand in 2001. Global environment. Future implications. 3 Tables.
From the Paper "THE INTERNATIONAL OIL MARKET: FUTURE SUPPLY/DEMAND ASSESSMENT AND ITS PROBABLE IMPACT ON THE ECONOMY OF SAUDI ARABIA
Introduction
From March 2001 to November 2001, the global crude oil market shifted from an environment of under supply to an environment of under demand. In early-2001, the dominant issue in the context of the global crude oil market was the probable economic effects on oil-importing nations. In late-2001, however, the dominant issue in this context is the probable economic effects on oil-exporting nations; especially oil-exporting nations for which crude oil is the country's primary source of export earnings ("A changing Oil Market" 19).
Saudi Arabia is a prime example of an oil-exporting nation for which crude oil is the country's primary source of export ..."
Abstract This paper discusses how crude oil has proved to be one of the most versatile forms of energy and how man has used this fundamental law of energy conversation to make life easier for himself and the community at large. It explores the topic of gasoline from its refining to its conservation and, in particular, the factors affecting its ever-changing price and the economy.
Outline
Introduction
Information About Crude Oil
Refining of Crude Oil in the United States and Worldwide
Workforce in the Petroleum Industry
The History of International Petroleum Pricing
The Achnacarry Agreement
The Rise of OPEC Power in the 70?s
Effect of Oil Price Increase on the U.S. Economy
Variables Affecting the Cost of Petroleum Products
Impact of Price Increase on the U.S. Economy
Impact of Petroleum Price Increase on the World Economy
Political Influence on Price Increase
Petroleum Product Transportation and Distribution
Petroleum and the Transportation Industry
Types of Fuel Used in the Transportation Industry
Fluctuating Fuel Prices in Recent Times
Impact of Prolonged Petroleum Use on the Economy
Conclusion
From the Paper "The high cost of oil production in the U.S. would also be impacted by the price decrease as a result of the additional capacity in Iraq. The U.S. producers would become uncompetitive and may eventually have to stop production of oil in current oil and gas-producing states of Alaska, Louisiana, Oklahoma, Texas and Wyoming. The U.S. government may have to impose tariffs and taxes on imported oil in order to keep the local U.S. producers competitive. (Bartis, 2003) Oil exploration and distribution channels can cost billions of dollars to develop. This includes the location and identifying of oil wells, the size and capacity of the well, the type of geography of the area and the long-term potential of the oil well are all-important factors in the cost of the oil production set up for any oil well site. It takes time and effort from the identification of the oil well to the actual production of crude oil."
Abstract The paper examines Exxon's yearly revenues and growth. The paper explains that the 2005 revenue figures have shown an increase since the last year's results during the same period, due to an increase in the price of a crude oil barrel and the repositioning of the company. The paper evaluates the 2006 budget as one that will profit from the operational areas where the company is already relying on a huge success (crude oil, recognized brands), while planning to develop and sustain secondary areas of activity where it can become highly successful in time (smaller brands, the chemical industry, gasoline refining). The writer concludes that in his/her opinion, this kind of strategy will provide a balanced approach to long-term development.
From the Paper "The 2005 revenue figures have shown a remarkable increase since last year results during the same period. On one hand, these were generated by an increase in the price of crude oil barrel, which has attained levels of over $60 in the last couple of months. On the other hand, the management team has thought out a certain repositioning of the company, which meant that some of the other sectors where the company is operating, such as the chemical industry or the gasoline refining market, although less profitable than the crude oil extracting operations, have begun to show small financial profits."
Abstract This paper examines how Operation Ernest Will was both a diplomatic and military action to preserve a critical world asset, crude oil, reinforce an alliance in the Persian Gulf and contain a regional war between Iran and Iraq and how the United States, through Operation Ernest Will, achieved their short-term political objective in 1987 by reflagging Kuwait oil tankers. It assesses why the U.S. felt it had to protect its national interests by force and analyzes what those interests were: protection of the U.S. homeland from attack, continued prosperity based in part on preservation of an open world economy, assured access to Persian Gulf oil and prevention of war among the great powers of Europe and the Far East along with preserving the independence of Israel and South Korea.
From the Paper "As early as 1984, the Reagan Administration began to address the issue of Iran indiscriminately attacking non-belligerent Kuwaiti shipping. By 1987, the U.S. agreed to reflag eleven of their tankers and arranged to provide them protection in the Persian Gulf. In his report to Congress, Secretary Weinberger states "our reflagging arrangement with Kuwait is a limited response to a very real threat". Ironically, the United States? provided limited support, during different periods of the war, to both Iran and Iraq, perplexing several Arab nations as to the true intentions of the U.S. in the region creating an ambiguous foreign policy position."
Abstract This paper presents an overview of the process whereby crude oil is turned into gasoline in a refinery. The paper gives a breakdown on all the components used in the process. It then looks in detail at the four steps used in the process: separation, upgrading, conversion and blending.
From the Paper "The various constituents of crude oil have one big difference in their physical properties that can be used to separate them, i.e., their boiling point. Distillation is a process wherein a liquid is boiled to a point that it vaporizes and then it is collected and cooled down again to get it in liquid form again. However, if the original mixture that was being boiled consisted of two of more liquids with boiling points that are sufficiently far away, it would be possible to boil and vaporize one of them and then collect only that liquid at the other end. This is the process called fractional distillation. In the separation stage, this is the principle that is fundamentally at work."
Abstract The oil and gas extraction industry in Australia is comprised of firms that are primarily engaged in producing crude oil, natural gas or condensate and in treating these products on site to produce liquefied or purified forms of oil and gas. The paper presents an industry and environmental scan of oil and gas extraction in Australia. It includes graphs and tables.
Paper Outline:
Products of the Industry
Market Structure
Market Size and Sales
International Environment
Regulatory Environment
Demographics
Industry Problems
Industry Trends and Forecasts
Porter's 5 Forces Model Analysis
Bibliography
From the Paper "According to Richard A. Kerr, many economists foresee another half-century of cheap oil; however, a growing contingent of geologists warns that oil will begin to run out much sooner--perhaps in only 10 years or so. The optimists are characterized as mainly those who place their faith in new technology for finding and extracting oil and expect that production will meet rise in demand until about 50 years from now, a period deemed sufficient to identify and develop effective energy alternatives; however, the pessimists suggest that even taking into account the best efforts of the explorationists and the discovery of new fields in frontier areas such as the Caspian Sea sometime between 2010 and 2020, the production oil from wells around the world will peak at 80 million barrels per day, then begin a steady, inevitable decline (Kerr, 1998)."
Abstract This paper argues that the originators of "Ugly Betty" try desperately to prove that a soap opera can actually offer profound criticism of society's ills; however, the show fails miserably. The paper then defends this criticism by embarking on an analysis of the April 27 "Petra-gate" episode. The main argument presented by the paper is that the producers' (or more accurately, the writers') attempt to challenge gender and sexual roles by relying on extreme stereotypes fails to send a sophisticated message, as the stereotypes (being, of course, stereotypes) are downright crude and offensive.
From the Paper "The character of Daniel, Bradford's foolishly impetuous son, also succeeds in reinforcing tedious gender roles, Betty, fittingly, cares a great deal about her boyish-faced boss, and she (also fittingly) manages to provide him with release by filling the role of the caretaker or strict mother: "You're using [women] like a drug". Betty is ideal for this role (she lacks good looks or sexual appeal), and does a superb job of being the self-deprecating friend, the listener, and, when the behavior of her uncouth boss demands it, the scolding mother and savior (it is she, after all, that saves him from certain ruin)."
Abstract This paper investigates how economics affects when people opt to use some modes of transportation over others and why these choices are made. The paper uses unemployment rates, median family income and crude oil prices to anticipate the change of passenger's miles of three transportation modes - air total passenger's miles, highway total passenger's miles and intercity/Amtrak total passenger's miles.
Table of Contents:
Introduction
Literature Review
Methodology
Results & Conclusion
From the Paper "For air transport, we need to focus on median family income. We usually think increasing oil prices result in decreasing the number of passengers. However, not only the oil price increases, but also the total passenger's miles increase. In my opinion, this is because the increasing income seems to offset the increasing oil prices. Another reasons is that people with high levels of income will use flight transportation more frequently than people with low levels of income; the income levels are a determining factor when choosing flight transportation. Thus, we can explain why the unemployment rate is not significant statistically with above logic."
Abstract This paper discusses the current trends pertaining to global supply and demand for oil. It explains why changes occur in the supply, demand and pricing of gasoline which is a derivative of crude oil. The paper specifically examines two articles - Ibrahim Oweis' "Supply, Demand and Oil" and "Demand for Oil Outstripping Supply," written by Richard Gwyn.
Table of Contents:
Article Summaries
First Article Summary
Second Article Summary
Why These Changes Occur
From the Paper "In conclusion, the United States is understood to be one of the world's largest consumers of natural fuels and that our demand for oil indeed outstrips the supply, which might lead to negative pressure on the economy of the United States. China, on the other hand, is considered as the world's second-largest demand-driving country. The article speaks about some possible ways to limit the growing demand for oil and comments on taxation and legal procedures to reduce this demand. The article concludes with a warning that the world must react quickly, now, to position itself for perhaps on of the greatest forthcoming economical declines and violent dislocations of society ever."
Abstract This paper provides a thorough look OPEC and examines factors such as whether the internal problems that beset OPEC will continue to reduce the effectiveness of the cartel's price-setting objectives for crude oil and lead to the self-liquidation of the cartel. It also asks if the development of alternative crude oil sources, the development of alternative fuels, technological innovations that reduce the demand for energy consumption, and political developments such as the creation of the WTO, would lead to a reduction in the effectiveness of the cartel's price-setting objectives for crude oil. The paper finally addresses whether these factors will lead to the self-liquidation of the cartel.
The study assesses the likelihood that OPEC will be able to function efficiently as a cartel in the future, as well as the likelihood that the cartel will continue to exist through the next decade. It explains that both the effectiveness of OPEC as a price-setting export cartel and the continued existence of the cartel are significant for not only the member states of OPEC but also for all crude oil importing states.
From the Paper "The Organization of Petroleum Exporting countries (OPEC) was founded in Iraq in 1960. The founder members of the organization were Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela. The purpose of the organization was (1) to unify and coordinate the petroleum policies of the member states, and (2) safeguard the general interests of the member states. Eventually, 13 countries joined OPEC. The eight additional member states are Algeria, Ecuador, Gabon, Indonesia, Libya, Nigeria, Qatar, and the United Arab Emirates (Hunter, 1999).
OPEC functions as a cartel. Conflicting objectives among member states of the organizations, rivalries among these states, and changing global economic conditions, however, frequently have led to the inefficient functioning of the OPEC cartel (Crainer, 1996). These same conditions frequently have led to strains within the OPEC cartel that have threatened the both the organization's continued effectiveness and its very existence (Amuzegar, 1997)."
