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Example research essay topic: Sources Of Energy Oil Prices - 783 words

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Cause / effect If we look at todays economic situation in the world, we will see that crude oil plays a significant role in the most important industries. Nowadays crude oil is an object of import and export, so the oil prices are very important. The change in oil prices will have a great impact on dependent industries. It is a fact that oil prices have increased 60 % since the middle of the year 2003. We must admit that it is a considerable change for quite a short period. Everything has a reason, so what are the reasons for such change?

A part of this increase was predictable a while ago. The OPEC held a session on 15 September 2004 on the problems of oil prices. The decision was to increase the production up to one million barrels a day. It was an attempt to reduce oil prices and balance out the situation. However, the decisions of the OPEC are only one of the factors that influence oil prices.

In fact, these decisions are somewhat meaningless in comparison with other elements that have the basic role in the oil prices. An economic recovery in the US industries was followed by the increase in oil demand. Such recovery, having its impact on the economy of other countries, will add to the demand for oil. If the producers do not increase the supplies, the prices will stay high or go even higher.

It is known that the bigger the needs are the higher prices are. Another factor is the considerable economic growth of some Asian countries, especially India and China. Recently China converted some of its coal-based industries into oil-based ones, which increased Chinese oil imports by 36 %. China is now the second biggest worlds oil importer. Chinese market has expanded to such extend that the USA refineries prefer to sell their products in China. The result is a partial increase of the gasoline prices in the US.

The general situation in Iraq is especially important. The oil resources of Iraq are considerable. So the situation in Iraq has many concerns for the oil market: the flow of Iraqi oil to the market; the future of democracy in Iraq; the success of the military operations of the US in Iraq and the effects of those operations on terrorism. The terrorism itself affects the oil prices in a couple of ways.

Damaging the oil facilities and transportation routs is mostly present in attacks of the Iraqi insurgents against oil industry. The terrorist activities of Chechens against Russia have created instability in these countries. The land of Chechens is a rout of transportation of oil from the land locked countries of the region and Russia. NATO is already preparing for possible terrorist activities that are due to start in 2005 in the Baku-Jean Pipeline. The important factor that can affect oil prices is the terrorism in Saudi Arabia. Saudi export activities are expected to reach its maximum level in the nearest future, thus a sudden change in the Saudi oil supplies may have significant results on the oil prices.

Great sources of crude oil are also located in the Middle East that is at risk of turmoil from many sides including Arab-Israeli conflict. In fact, any turmoil in the areas and the geopolitical uncertainties may result in rising oil prices. Besides the basic elements, there are some temporary ones that also affect oil prices. The crisis in Venezuela is an example of a conflict between the government and oil companies. Russian Federation is at risk of oil supply disruption, due to the problems faced by the Russian oil companies. The situation in Iran is unstable.

If the Iranian oil flow is disrupted by an American attack or setting the oil fields on fire (like Saddam's action in Kuwait) or blocking the Hormuz straight by sinking several tankers, the oil prices will go up to 100 dollars per barrel. In this case, the worlds economy would be undermined. The result of the high oil prices would be urgent efforts to find the alternative sources of energy and major use of already discovered ones such as wind, geothermal energy, waves and the solar energy. One of the most remarkable alternative sources of energy is nuclear power that is widely used in submarines today. More attention would be paid to the ideas of fuel-economy cars, energy efficient industries and better isolations to save energy. However, the above the above elements will not have a great impact on the oil market as there are many other ways to use crude oil.

Even more so, it is hard to change the trend quickly after so many years of using oil.


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Research essay sample on Sources Of Energy Oil Prices

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