Development in Oil and Gas Industries pdf
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Added on 2021-04-16
Development in Oil and Gas Industries pdf
Added on 2021-04-16
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RUNNING HEAD: Development in Oil and Gas Industries 0Development in Oil and Gas Retail Industries
Development in Oil and Gas Industries 1ContentsIntroduction................................................................................................................................2Factors affecting present size and structure of current oil and gas retail sectors.......................2Impact of rising price of oil........................................................................................................3Influence of government action.................................................................................................4Fiscal drivers..........................................................................................................................4Environmental and safety policy............................................................................................5Other regulatory policies........................................................................................................6Conclusion..................................................................................................................................7References..................................................................................................................................8
Development in Oil and Gas Industries 2IntroductionThe petroleum industry plays important role in economy of UK. The country has more than 200 companies in the petroleum industry that are into manufacturing, supply, refining and marketing of products. The expansion in the aviation sector, growing number of diesel vehicles and reduced use of oil for power generation has changed demand for oil products in the last 10 to 15 years (Krishnan & McCalley, 2016). This report provides the size and organization of oil and gas retail sectors and the influence of increasing price of oil. The actions of government for the profitability of oil and gas retailing are also analysed. Factors affecting present size and structure of current oil and gas retail sectors The factors affecting retail sectors of UK are assembled under four main areas. The evidence collected from consumers, suppliers, competitors and government affects oil and gas retail sector. Needs of consumers A consumer considers price and convenience as important factors while selecting PFS. Convenience means the adjoining location to customers. It is experienced that a few portion of customers like to drive to acquire fuel at economy rate. The focus of clients moves towardsprice with the availability of more PFS (Lale, Udo & Ana, 2014). A location is found crucial when there is less choice of PFS throughout time of travelling. According to an investigation conducted in UK in 2012, 1000 customers above the age of 16 years have more emphasis on price then they had in the past years. A frequent query is also raised on the convenience of filling fuel. The people agreed that they look out for the convenient and nearest site for shopping than the shopping for less fuel prices was low in 2012. It reveals that the customers mostly consider price of fuel and take initiative to look for cheap oils in the convenient locations (Kaznacheev, Samoilova & Kjurchiski, 2016). The result varied when the survey was done in Wales, East Angila and Britain. An investigation was conducted in Ireland by Consumer Council and the outcome exposed that 82% of defendants changed driving attitudedue to increase in fuel price. They also agreed that they always search for the best fuel price. The customers deliberate other privileges provided by the PFS. These privileges can be foundin the form of shopping, loyalty and car wash facility. Bond with fuel suppliers
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