This paper analyzes the various effects to the oil industry due to increased consumption by competing economies around the world.
Written in 2006; 3,699 words; 11 sources; MLA; $ 102.95
Paper Summary:
This well-researched paper examines the oil industry, which currently produces and supplies the world's number one energy source. This paper delves into the high swings in terms of price when there are shortages or excesses in supply, which are determined by the Organization of the Petroleum Exporting Countries (OPEC). This paper details the 7 companies that control the oil market throughout the world which include 5 U.S. companies. This paper analyzes the importance of OPEC and its negotiation tactics with the various oil companies regarding petroleum production, prices and future rights of concession of the oil companies in the different countries. The writer of this paper details the history of the oil industry by discussing various events such as the 1973 oil embargo and the events that took place in the 1960s in which the U.S. and Europe restricted the import of oil from Russia. This paper details how world events, primarily those in the middle east, affect the price of oil. The writer explores China and India's demand for oil and how it affects global inflation in general. The government of India is now trying to reduce the prices of oil based items over the immediate future so that inflation can be reduced from the current 8% a year. This in-depth paper also analyzes the effects of America's economy on the world's oil prices.
Table of Contents:
Introduction
International Oil Regime
Major Producers
OPEC
Wars and Inflation
Oil Embargo
1973 October War
Inflation
Economic Growth
Asian Giants: India and China
Increased Demand for Oil by Both Nations
Increased Prices Equal Less Economic Growth
Stagflation
Conclusion
References
From the Paper:
"It is seen that China is one of the fastest growing nations in economic terms and that has taken up the consumption of oil by the country from 2 million tons a year to over 10 million tons now. Even in last year, the growth is over 35 percent and according to analysis of ban credits, it is estimated that Chin will account for over 40 percent of the growth in oil demand. There is also a large increase in demand for oil in United States and this is boosting oil demand internationally. The demand for imports has now reached the limit of supply at about 80 million barrels a day, as already mentioned earlier. At the same time, there are doubts as to whether the massive imports by China are real annual demand or are for building up strategic stocks. According to JP Morgan, the stocks with china are now about 285 million barrels, and even as per statements from China, there is a stockpile being built which will be completed by the end of this year."
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