The Petroleum Industry in the World Economy
Edward Perez, Gerald Drumright, Sherry Henry,
Andrea Carlson, Warren Busby, Lisa Holguin, Trent Madsen
ECO 360 Economics for Business I
Facilitator: Albert Chavez
University of Phoenix Online
July 10, 2006
Petroleum Industry Economics
The petroleum industry plays a vital role in the world's economy. "The world consumes over 82 million barrels of oil per day (BPD), with the United States taking roughly 20 million BPD" (McFarlane). Petroleum is used to produce goods and services that are essential to the quality of life. It warms and cools our home and gets us where we need to go. Oil provides about 97 percent of transportation fuels, which power nearly all of the cars and trucks on the nation's highways. It is also used to produce plastics, medicines, fertilizers and many other products that are used on a daily basis. Needless to say, the petroleum industry has a tremendous impact on the economy. This paper will provide......
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Approximate Word Count: 1952
Approximate Pages: 8 (260 words per double-spaced page) |