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Essay / Research Paper Abstract
A 6 page paper discussing the effect of discovery of new oil fields in Asia. The paper considers the effect on world oil markets as well as coal (as a substitute for oil), and the effect on the local economies most directly affected by the discovery and exploitation of the new oil fields. The focus of the paper is supply and demand, and the relative inelasticity of both oil and coal prices. Includes one diagram. Bibliography lists 5 sources.
Page Count:
6 pages (~225 words per page)
File: CC6_KSoilPrice.rtf
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Unformatted sample text from the term paper:
the worldwide oil industry, new oil fields have been discovered in Asia, in a place where such a discovery never was expected and where the presence of oil can make
a decided difference in the fortunes of the local and regional economies. One of the benefits of the presence of the oil is
that it merely exists. The nations in which the oil is located and their close economic and political allies can gain an advantage in their negotiations with other nations
of the world, particularly those from which they generally purchase their oil supplies. Though oil in the ground gives the countries a bargaining
chip they previously were unaware they had, the mere presence of the oil will have little effect on market price or worldwide supply if it only remains in the ground.
The following discussion of the economic effects of the discovery of these new oil fields requires that the discovery be exploited, that the oil be extracted and made ready
for use. Effect on Markets The Oil Market Before the discovery and exploitation of the
Asian oil fields, the worldwide supply of oil was rather stable and predictable. Demand remained rather constant, though seasonal. As a result, prices remained rather stable as well.
The effect of the Asian discovery and exploitation likely will have a direct effect on prices. This effect is not as solidly
guaranteed as would be the case with other goods. Oil can be considered a luxury to a point, but it primarily is a necessity for industry and transportation.
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