Petroleum Market Analysis Report: Economic and Environmental Impacts

This report provides an analysis of the current petroleum market, emphasizing its significance as a primary energy source and its substantial demand. It explores the market's scope, influenced by the increasing use of petroleum-based vehicles, and the impact of price fluctuations on the energy sector, including effects on service costs and quality. The report addresses how climate change policies affect the petroleum industry and highlights the role of petroleum technology in extraction. It acknowledges the environmental concerns associated with petroleum use, such as pollution and health impacts, while recognizing the industry's contribution to national economies and economic development. Furthermore, it defines 'decommissioning' in the context of petroleum, contrasts it with related terms, and points out the finite nature of petroleum resources, discussing the implications of over-use and potential energy shortages. References are provided to support the analysis.

1. The current market of petroleum is high. It is used as the most important form of energy. Almost all the cars and vehicles use
petroleum as their main source of energy.
2. The demand of petroleum is high. In the future more vehicles are assumed to use petroleum. This is the reason the market of
petroleum has huge scope (Khan and Hashemi 2017).
3. The fluctuation of the price of petroleum affects the energy sector. While the price of the petroleum grows high the demand of
the same loses.
4. It will affect cost and the quality of the services of energy-supply. The policies are framed considering the rapid changes in the
climate which might have an impact on the petroleum industry (Jacobson et al. 2015).
5. The petroleum technology can be used to extract the amount of petroleum from the ground. This will increase the availability of
the petroleum and they will have a direct impact on the energy sector (Wu and Huo 2014).
6. The environment is getting polluted with the use of petroleum. It is not environmentally-friendly. The health of the common
people are affected because of this. Their safety related to health is threatened. Therefore these can be turned as the negative
impacts of the energy sector (Girod, Stucki and Woerter 2017).
7. The oil industry is seen as a positive industry in maximum cases. The people are completely dependent on the petroleum and
therefore on the energy sector indirectly.
8. The petroleum has a huge contribution in the economics of a country and in the energy sector. The growth of the petroleum and
the easy accessibility of the same contributes a lot to the economic development.
9. The petroleum is one of the most important source of energy and therefore it has huge demand in the sector of the energy (Dai
et al. 2016).
10. The word ‘decommissioning’ simply means to ‘take out of service’ and is not generally defined in legislation. This may be a
contributing factor to its confusion with terms such as ‘removal’ and ‘disposal’, which are two possible processes applied in
decommissioning, and sometimes also with ‘abandonment’. The petroleum is thought to be including in the plan which can
have a direct effect on the energy sector.
11. Petroleum is a non-renewable resource and this is the reason they cannot be used in the future. The over-use of petroleum is
resulting in the shortage of the energy resources (Abrahamsen et al. 2018).
references
Abrahamsen, E.B., Abrahamsen, H.B., Milazzo, M.F. and Selvik, J.T., 2018. Using the ALARP principle for safety management in the energy production sector of
chemical industry. Reliability Engineering & System Safety, 169, pp.160-165.
Dai, H., Xie, X., Xie, Y., Liu, J. and Masui, T., 2016. Green growth: The economic impacts of large-scale renewable energy development in China. Applied
energy, 162, pp.435-449.
Girod, B., Stucki, T. and Woerter, M., 2017. How do policies for efficient energy use in the household sector induce energy-efficiency innovation? An evaluation of
European countries. Energy Policy, 103, pp.223-237.
Jacobson, M.Z., Delucchi, M.A., Bazouin, G., Bauer, Z.A., Heavey, C.C., Fisher, E., Morris, S.B., Piekutowski, D.J., Vencill, T.A. and Yeskoo, T.W., 2015. 100% clean
and renewable wind, water, and sunlight (WWS) all-sector energy roadmaps for the 50 United States. Energy & Environmental Science, 8(7), pp.2093-2117.
Khan, F. and Hashemi, S.J., 2017. Introduction. In Methods in Chemical Process Safety (Vol. 1, pp. 1-36). Elsevier.