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Review of Global Oil and Gas Industry (Doc)

   

Added on  2020-12-09

9 Pages2343 Words443 Views
Political Science
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Historical economy of oil and gas
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Table of ContentsINTRODUCTION...........................................................................................................................1MAIN BODY..................................................................................................................................1CONCLUSION................................................................................................................................4REFERENCES................................................................................................................................6
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INTRODUCTIONIn today’s competitive world economy, many countries are using natural resources athigh rate. due to this natural resource are depleting very rapidly. the major concern belongs tooil and gas industry. It is due to unstable political conditions in oil producing countries (OPEC).This has resulted in creating poor relations between nations like US and middle east countries.moreover, it has led to conditions of cold war (van de Ven and Fouquet, 2017). Now,government are focusing on generating own resources to fulfil their needs. They are regulatingenergy industries very closely. This report will describe how government are regulating theirenergy industry of oil and gas. Also, it will show which country has done it in best way and thereason behind it. MAIN BODYNatural resources are lifeline of every nation. This is because it helps growth of economyfor long term. With help of it, energy is generated that is used to run the industries. It is veryimportant for government to regulate energy to be utilized effectively. The oil and gas industry inwhich there has been many rapid changes occurred. Due to shift in gas and oil production andpricing is controlled by big private organizations (Tsvetkova and Partridge, 2016). OPEC is theengine of oil and gas industry. It is a group of oil producing countries that export oil products todifferent countries. it was founded in 1960 that consists of 15 nations. Many developingcountries are still dependent on OPEC to fulfil their needs. But the present conditions haveincreased level of risk to use oil industry in illegal way. Today, the world economy is dependenton oil and gas to grow and develop. But frequent fluctuations and poor relations between nationshas created interruptions in regulations. Also, example can be taken of Japan earthquakeoccurred in 2011 in which their nuclear plants were closed. So, it was a warning for othercountries to regulate energy sectors. There are some other reasons as well. The economy of nation is run by generating energy. A country requires different types ofenergy like electricity, water, oil products and many more. Among them oil and gas play acrucial role in world economy. On entire globe there are only few counties that produces oil andgas. Hence, many countries buy oil from them to run their economy. The modern era of oilindustry emphasis on setting a new strategic source. It has set a stage for new oil economy inwhich is dominated by government. With downfall in price of crude oil developing nations aretaking charge to regulate it. 1
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