Difference between revisions of "Oil price"
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==Web Resources:== | ==Web Resources:== | ||
*[http://www.eia.doe.gov/ DOE: Energy Information Administration (EIA)] | |||
*[http://www.epa.gov/oilspill/ EPA: Oil Spills] | |||
Revision as of 05:52, 19 July 2008
Description:
The oil price has been increasing, and nowadays it records highest, over 50 US$/barrel. Demand and supply for oil can be explaind as driving force of this event.
This mainly comes from unbalance between supply and demand for oil due to political unrest in the Middle East and increase of oil consumption in the emerging contries.
Enablers:
- Explorement of new sources
- Economic growth of China
- Political matter in Middle east - The contiuity of global economy growth
- Huge increase of oil consumption in Brics
- Source of oil in running out
- Failure of international agreement to reduce oil consumption
Inhibitors:
- New source of Energy
- Failure of regulation on energy consumption
- New way of living with less energy consumption
- Rapid development of new source of energy
- Wellbeing Life Style with less energy consumption
- Try to reduce oil consumption by environment activity
Paradigms:
New finding of oil resource can change the power shift of the world.
Timing:
Oil shock in 1973, the fourth Middle-East Wars acted as trigger. 1991, Gulf war. 2003, Iraq war. 2004, The oil price has been increasing, and nowadays it records highest, over 50 US$/barrel.