The Oil Industry

Paper Summary:

This paper discusses the oil industry and how it affects international relations and the international economy. It also discusses the history and background of oil use and production. In addition, the paper discusses the impact of oil production, as well as other economic factors relating to the industry. The paper then discusses current and future challenges to the oil industry.

Table of Contents:
The Oil Industry: Background And History
Key Issues That Are Related To International Economy
The Oil Industry's Impact On The International Economy
Future Challenges For The Industry
Conclusion

From the Paper:

"A significant aspect is the way that oil impacts on the economic relationship between countries. An increase in the price of oil can alter the balance of trade between counties and also affects exchange rates. This refers to the scenario in which the oil-importing countries experience a decline in their balance of payments. This exerts a negative pressure on exchange rates and results in the increase in the price of imports and a reduction in the value of exports. This in turn leads to a decline in the national income of that country. All of these facets have a long-term impact on the economy of countries. "The economic and energy policy response to a combination of higher inflation, higher unemployment, lower exchange rates and lower real output also affects the overall impact on the economy over the longer term" (Analysis of the Impact of High Oil Prices on the Global Economy)"

Sample of Sources Used:

• Analysis of the Impact of High Oil Prices on the Global Economy. 2004. August 16, 2007. <http://64.233.167.104/search?q=cache:KDIgMEWpfHUJ:www.iea.org/textbase/papers/2004/high_oil_prices.pdf+impact+of+the+oil+industry+on+international+economy&l=en&t=clnk&d=22&l=uk>
• Davis J. "And then there were four..." A Thumbnail History of Oil Industry Restructuring, 1971 -2005. 2006. 21 Aug. 2007. <http://64.233.167.104/search?q=cache:uH5HUnEz1mUJ:www.ashgate.com/subject_area/downloads/sample_chapters/Changing_World_of_Oil_Ch1.pdf+impact+of+the+oil+industry+on+international+economy&l=en&t=clnk&d=6&l=uk>
• Hartshorn, J. E. Politics and World Oil Economics: An Account of the International Oil Industry in Its Political Environment. New York: Frederick A. Praeger, 1962. Questia. 21 Aug. 2007 <http://www.questia.com/PM.qst?a=o&d=11161466>.
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• History of the oil industry. 21 Aug. 2007 <http://www.rigjobs.co.uk/oil/history.shtml>

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