Oil And Progress Essay

1992 words - 8 pages

Outline:1. Introduction2. Oil as catalyst of progress.3. Review of past and present business models.5. Appendix.6. References.1. IntroductionModern life is impossible without three major types of energy sources- coal, gas and oil. The first place in providing energy needs is under the oil (40 per cent of commercial usage of energy), furthermore a huge number of essential chemicals and industrial products can be retrieved from it.Oil industry began from such earliest methods of exploring for hydrocarbons, as looking for oil seeps or gas escaping from the earth (the earliest oil discoveries in California were discovered from oil seeps from the ocean floor off Los Angeles that washed ashore). ...view middle of the document...

Nowadays, our knowledge is not sufficient for us to choose between the different estimates of, for example, resources of conventional oil.The history of human culture can be viewed as the progressive development of new energy sources and their associated conversion technologies. These developments have increased the comfort, longevity and affluence of humans, as well as their numbers. Most of these energy technologies rely on chemical bonds of hydrocarbons. Nature has favored the storage of solar energy in the hydrocarbon bonds of plants and animals, and human cultural evolution has operated this hydrocarbon based energy profitably.The major energy source of ancient times was sun. About 300 years ago the industrial revolution began with wind-powered and water-powered technologies, which were essentially replaced by hydrocarbons: coal in 19 century, oil since 20 century and now increasingly, natural gas.Oil-based energy is very important for three main areas of human development: economic, social and environmental. However some scientists have suggested that now, in post-industrial society, human knowledge have replaced raw energy in generation of wealth. Nevertheless, there is strong connection between energy and economic activities for most countries.Energy infrastructure, which was created in last century mostly by using oil, stimulates rapid growth of different industries and increase human well-being. Above-mentioned changes predetermine modern age of progress and consumption. In spite of these, lack of balance between power consumption and social material prosperity was appeared.Macroeconomic analysis indicates that where there is a decline in the ratio of energy to gross domestic product in industrial nations, it is due principally to a shift to higher quality fuels, improvements in fuel efficiency driven by higher fossil fuel prices and structural changes in national economies. Energy prices have an important effect on almost every major aspect of macroeconomic performance, because energy is used directly and indirectly in the production of all goods and services.The changes in the prices of the crude oil are making positive and negative implications on every economy. When these changes of prices are severe ones, one might easily conclude that an economy is going to face problems such as unfavorable supply shocks, or according to the theory adverse supply shocks. When these kinds of problem arise in the world oil market, it is usually described as a world oil crisis. The world has witnessed 2 major oil crises and it is facing another one at the moment (see exhibit#3, petroleum and oil is strongly correlated with each other, that is why curve is descending twice, exactly at the time of these crisis). Major problem that an economy is facing during every oil crisis is the adverse supply shock. Adverse supply shocks are unexpected events that reduce aggregate supply and therefore the output decreases and prices increase (so called...

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