Ethics and the Oil Industry Todd Bosta Monday‚ November 8‚ 2010 Does anybody Care? As the US Economy continues to dive‚ unemployment persists at a level not seen since the Great Depression‚ and the US Federal Government sees fit to continually bailout big business‚ it escapes logic why the cost of oil once again‚ is on the rise. The US oil companies would have us believe it has to do with the Middle East oil producing nations cutting back on production‚ therefore raising
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DROP IN PRICE OF CRUDE OIL: IMPLICATION ON THE NIGERIAN ECONOMY PAPER DELIVERED TO BOARD OF DIRECTORS OF GUINNESS NIGERIA PLC Executive Summary The volatility in the prices of crude oil in the international oil market which was triggered by factors within the global economy has impacted the Nigeria economy to some degree with dire consequences for the implementation of the 2012 budget. Some of the factors which triggered the fall in oil prices include a massive
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Gas is an important productive resource in the world. Driving cars‚ heating buildings‚ producing electricity‚ people all need gas. Therefore‚ gas is directly related to people’s normal life and the global economy. Recently‚ due to the fights between Israel and the Hezbollah guerrilla‚ the Middle East political and economic situation has been deteriorating‚ which has led to the continuous hikes of gas prices. Since gas plays an important role in our economy‚ people should understand that the high
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other countries. An increase in oil prices will lead to a slightly weaker US economy. The other reason is that OPEC ( Organization of Petroleum Exporting Countries ) is a large cartel arrangement that has the sole purpose of profit maximization as a whole. Thus they set the industry to maximize profits for the industry as a whole as opposed to competing amongst each other - this allows OPEC to effectively limit the output so that it corresponds to the profit maximizing level and drive up the price
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the Organization of Petroleum Exporting Countries (OPEC) to protest against some of the American trade practices. As a result of this embargo‚ the price of oil increased by 300%‚ causing widespread oil shortages and in some cases forcing petrol stations to close. Experts have warned that a similar crisis may be imminent‚ with Western countries’ presence in the middle east causing friction with some of the countries who are members of OPEC. Oil prices have been increased in many areas in an
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Anatomy of an Oil Price Shock: Federal Reserve Bank of Cleveland. Fisher‚ E. O. N.‚ & May‚ S. L. (2006). Relativity In Trade Theory: Towards A Solution to the Mystery Of Missing Trade Guidi‚ M. G. D.‚ Russell‚ A.‚ & Tarbert‚ H. (2006). The effect of OPEC policy decisions on oil and stock prices Hamilton‚ J. D. (1983). Oil and the Macroeconomy since World War II. Hamilton‚ J. D. (1996). This is what happened to the oil price-macroeconomy relationship Hanson‚ K.‚ Robinson‚ S.‚ & Schluter‚ G. (1993).
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Will Higher Oil Revenue Always Guarantee a Higher Quality of Life? (A study of governance in Oman‚ Saudi Arabia and Nigeria) Department of Economics Trent University Peterborough CANADA. I. Introduction The demand for oil has been increasing exponentially. In 1965‚ the world oil consumption was 31‚095 thousand barrels of oil and in 2009 the world oil consumption was 84‚077 thousand barrels of oil (Simon 2010). The demand for oil has been followed by large revenues
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Fuel Hedging A Strategy for Air Carriers to Combat Fuel Hike Index Jet Fuel – The Nemesis of Airlines In the year 2008‚ the growth of global aviation industry received a major bolt from the fear of global economic slowdown and the rise in crude oil prices. Though the global economic uncertainties impacted the business of airlines‚ but the steep surge in crude prices has changed the financial equations of the airline across the world‚ with India being no exception. In fact over the previous
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The Social‚ Economical and Environment effect that OGEC might have OPEC is a great organization of nations that are all interlinked under one common thing‚ and that is oil. With the creation of something like a OGEC‚ it will become of the most powerful organizations in the world. OGEC will involve some of the world leaders in natural gas. Within some countries there are different types of gas‚ making the organization vastly unique and strong. The countries involved will also form a alliance between
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increase. The disruption of Venezuelan oil supplies has increased the US dependence on Middle Eastern oil and made the US more susceptible to supply interruption. With the crisis in Venezuela‚ the capacity of OPEC to meet any additional supply interruption is limited and a war with Iraq would put OPEC at its limit. Any energy crisis in the near future will hinder President Bush’s efforts to stimulate the economy through tax cuts and other fiscal measures. An energy crisis could cause a recession‚ inflation
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