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"Economic Factors of the Oil and Gas Industries"
Economic Factors of the Oil and Gas Industries
Author:
Jason Cashmere
The economy is affected by many factors that determine if it is strong or weak. These factors have to do with buyers consuming goods and services and at what rate they do this. Do the goods and services that are consumed by people created wealth, jobs and a better overall economy for a country. Throughout history some economies have evolved faster and stronger than others. Policies that the government places on industry, technology and the environment can all affect the prosperity of an economy. Of the factors that affect economic growth the industry of oil and gas is one that holds a stronghold in the world's and America's economy today.

Oil and gas is a resource that can be used up if not conserved properly. That is why OPEC was formed, as well as organizations such as NAFTA to help regulate trade of these commodities and bring organization to a disorganized status. O.P.E.C. which stands for Organization of Petroleum Exporting Countries, is made up of 13 countries: Iran, Iraq, Kuwait, Saudi Arabia, Venezuela, Qatar, Indonesia, Libya, United Arab Emirates, Algeria, Nigeria, Ecuador, and Gabon. O.P.E.C. was founded in Baghdad, Iraq in September of 1960. It was organized in response to oil producing countries that did not consult with the Middle Eastern oil states before lowering their crude oil prices. The producers feared that other countries would establish monopolies. The aim of O.P.E.C. was to create a universal price between the countries, in order to ensure peace between oil producers throughout the world.

Countries representing OPEC all live and die by the constant production of oil. While this factor is used to stimulate their countries economic growth, it should be used to stimulate the building of a country's infrastructure. Oil-rich countries should use the positive affect oil has had on their countries to...

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essay on Economic Factors of the Oil and Gas Industries
Pages:
4 (1001 words)
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Added:
01/10/2012
Category:
Business
Plagiarism level of this essay is: 84%
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