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Create a 2 page essay paper that discusses Choose one: political geography, energy, oil, or natural resources, environment, economic geography.This creates a further cushion in the availability as dem
Create a 2 page essay paper that discusses Choose one: political geography, energy, oil, or natural resources, environment, economic geography.
This creates a further cushion in the availability as demand is already at its minimum and OPEC has increased production. The 12 members of OPEC have upped their output of oil from 31.18 million barrels per day in February to 31.31 million barrels in March, as seven of the member countries have reported higher production levels than expected.
Saudi Arabia, the world’s largest oil exporting country is even willing to enhance its production if need arises (Nguyen, 2012).
Humans are social animals. The use of oil has brought humanity from living along riversides to living in huge industrial cities. Oil, being the major source of energy ever since its discovery, is the backbone of the modern industrial life and the most important factor in the development of today’s world. It not only is the benchmark of deciding the economic conditions of the entire globe but is also among the most consumed natural resources available on earth as a source of energy. Oil, typically termed as black gold, has great impact on the performance and growth of entire world’s economy. According to the studies of Financial Analysts a 10% increase in oil prices can decrease the GDP by 0.5 to 1 percent.
The immenseness of its impact on our lives can be estimated from the fact that governments design and formulate their policies on the varying nature of oil prices. It is self- evident by now that inflation is a consequence of increase in oil prices among other factors. Thus an increase in oil prices is depicted in the rise of food prices and other commodities and services.
From an environmental point of view, oil`s excessive use causes pollution and damages earth’s ecosystem. It is our duty to utilize the resources given by the earth in the best possible manner to conserve our planet, ourselves, and also for the generations to
