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Essay | The World Importance of Oil

This student essay consists of approximately 11 pages of analysis of The World Importance of Oil.
This section contains 3,247 words
(approx. 11 pages at 300 words per page)
Purchase our Student Essay on The World Importance of Oil

The World Importance of Oil

Summary: Provides a history and economic overview of the oil industry. Explores the influence the industry has on world events.
The importance of oil to the modern world is unique in character and incredibly far-reaching in scope. It is a singularly autonomous variable in the world economy, just as, if not more potent and influential than Federal Reserve decisions, the Euro-Dollar exchange rate, conditions in the U.S or stock market indexes. Oil availability and price affect the output capacity, rate of growth and level of inflation throughout the world. In the modern world, oil affects transportation, heating, production and the military. One would be hard pressed to find a substance or phenomena in world history that has held a comparable position.

Petroleum is a nonrenewable fossil fuel. It is the product of a multi-million year geological process in which organic material is transformed in underground reservoirs. The fact that we can not produce petroleum is an underlying factor that defines the nature of the...

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This section contains 3,247 words
(approx. 11 pages at 300 words per page)
Purchase our Student Essay on The World Importance of Oil
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