Running Head: ECONOMICS OF OIL, GAS AND ENERGY
Economics Of Oil, Gas And Energy
In present time, the climate change is the main concern for the global economy. It is needed to make sure that recovery is sustained and bold action on climate change will be required. All the countries’ leaders prepare for the UN climate change talks at the global level (Lacy, 2012). On the other hand the top priorities for the world tend towards their economies and low-carbon future. The economic recoveries are sustained and usually have no option in the business.
The climate change produced the result such as increase greenhouse gas emissions will leaded that heavy commotion such as floods and droughts, more violent storms, more increase of heat waves, impacted on food, water and resources (Lomborg, 2001). In similar words, the serious climate action only a fraction of percentage point annual growth in world GDP. The economics of climate change warned to the country that it could lead the huge losses. There are several summits held for discussing that how the climate change can be reduced and what steps can be used for preventing with the climate change problem.
In recent times, suddenly falling in oil prices produced a good time to evaluate the largely expected development known as peak oil (Graefe, 2011). There are two camps existed about the peak of global oil production such as given below:
Doomers — this camp thinks that the glass is half-empty and flowing it fast. The industrial civilizations are going to decline stage because there won’t be a large amount of oil to go around. A New Stone Age is right around the corner.
Cornucopias — this camp thinks that the half-full glass cause of spilling. The Stone Age did not remove due to run out of stones.
According to schools of thought, the both thinking are extremely wrong. On the other hand, this kind of classifications not existed in anywhere (Herold, 2012). It is not stated that this type of opposed believes closely look like the political argues so frequent in the United States at present. There are many Cornucopians than Doomers because foolish hope causes for failure of human position in all matters, not only oil.
The term, energy security is a relation between national security and availability of natural resources in the sense of energy consumption. The Approach to affordable energy becomes a necessity for serving the modern economies (Yergin, 2011). On the other hand, the uneven distribution of energy provides in among countries has caused to substantial dangers. The term renewable energy means energy generated without using limited resources such as fossil fuel resources produced substantial possibilities for energy apartment exist in wide geographical areas. In comparison of other energy sources, this decreases in a limited number of countries.
On the other hand, the energy security is the main concern for the countries point of view. Fast preparation of generating alternated energy and energy ratio, and technological condition of energy sources, produce results in substantial energy security and economic benefits (Pascual & Elkind, 2010). Due to declining stage in term of the limited natural resources such as crude oil and natural gas more concern for the countries at the global level.
The empirical energy methods such as cellulosic ethanol, hydrogen power, algae fuel, wave power and advanced nuclear reactors which produced the sufficient energy power in the laboratory help with the industrial development process (Lin & Pleskovič, 2009). The developing alternate energy system causes of winning the developing country at the global level. On the other hand, the use of present fuels like oil and coal, which emitted carbon dioxide into the atmosphere, is likely to drop, causes of both decreased supply and rising interest on the growing dangers with carbon emissions.
The present situation moved to follow new economic models and cover to corner new markets, depend upon the production of alternative energy or risk collapse by more powerful competitors (Geller, 2003). At last, it is clear that the large scale of consumption of natural resources such as oil and coal by the developing economic losers in the new global energy economy.
Geller, H. (2003) Energy Revolution: Policies for A Sustainable Future. USA: Island Press.
Graefe, L. (2011) Peak Oil Debate: A Reprint from the “Economic Review“. DIANE Publishing
Herold, D. M. (2012) Peak Oil (2nd ed.). BoD – Books on Demand
Lacy, M. (2012) Security and Climate Change: International Relations and the Limits of Realism. USA: Routledge.
Lin, J. Y. & Pleskovič, B. (2009) Annual World Bank Conference on Development Economics 2008, Global: Private Sector and Development.NY: World Bank Publications.
Lomborg, B. (2001) The Skeptical Environmentalist: Measuring the Real State of the World. USA: Cambridge University Press.
Pascual, C. & Elkind, J. (2010) Energy Security: Economics, Politics, Strategies, and Implications. USA: Brookings Institution Press.
Yergin, D. (2011) The Quest: Energy, Security and the Remaking of the Modern World. UK: Penguin UK.
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