Here is the synopsis of our sample research paper on Oil Prices 1970 - The Current Day. Have the paper e-mailed to you 24/7/365.
Essay / Research Paper Abstract
This 5 page paper considers how oil prices have changed since the 1970’s and identifies the influences of those changes. The paper focuses on issues impacted ion the supply of oil, looking at the role of OPEC and the political as well as economic factors. The bibliography cites 5 sources.
Page Count:
5 pages (~225 words per page)
File: TS14_TE1970op.rtf
Buy This Term Paper »
Unformatted sample text from the term paper:
the influence is supply and demand, the man factors being those that impact on the way demand increases or decreases and the influences on the supply. In the oil industry
demand has been constantly increasing, by 1995 there was a global demand for 69.9 million barrels a day, by 2020 this is projected at increasing to 100.7 million barrels per
day (OWEM scenarios Report, 1998, quoted OPEC, 2003). Therefore, this is a commodity where there is less likely to be changes in demand, due to the very nature of importance
of the product. The changes in price ca therefore be seen as due to the way in which supply is controlled. Looking at the price changes in the period between
1970s to the current day this infuance of the supply can be seen. The law of supply and demand still exists, the greater
supply of oil the lower the price will be (OPEC, 2001). This is a matter of simple economics. When supply outstrips demand the price will fall until the price
is attractive, enough to sell larger amounts and the supply will again match demand. The converse is also true, where supply does not meet demand the prices will rise, and
this will happen until the demand drops off due to the price increase and supply and demand are again in equilibrium (Nellis et al, 1999).
This was well documented when in 1973 the price of oil was heavily impacted by a political dispute. There was disdain from the Arabic countries for the way
in which the west was supporting Israel in the Arab Israeli war of 1973. The result was, that on 17th of October 1973 King Faisal of Saudi Arabia placed
...