Oil and Gas How Both Affect the Economy
The economy is affected by many factors that determine if it is strong or weak. These factors have to do with buyers consuming goods and services and at what rate they do this. Do the goods and services that are consumed by people created wealth, jobs and a better overall economy for a country. Throughout history some economies have evolved faster and stronger than others. Policies that the government places on industry, technology and the environment can all affect the prosperity of an economy. Of the factors that affect economic growth the industry of Oil and gas is one that holds a stronghold in the world's and America's economy today.When evaluating the economic growth factor of economy and specifically oil and gas on must consider the following questions:¨ What relationship does the factor have with the whole economy?¨ How does this factor affect economic growth¨ Is the factor a cause or effect of economic growth?¨ what would the economy be like if there were significant problems with this factor?¨ What relation does a central bank have to this factor?I will answer each of these questions in respect to how economy is affected by oil and gas.The economy in the United States today is greatly affected by oil an
Instead of investing the money made (from exporting oil) into their countries future, the leaders of that country used the money to make themselves rich and left the country in political and economic disarray. Instead what has happened is that economies of these countries are in a state of flux. The middle class of Brazil became almost non-existent and their seem to be but two classes in that country. This powerful infrastructure that could be built will give the economy stability and allow for a country's GNP to grow in a slow, steady, and positive way. When all parties are aware and committed to the prosperity of their country and to the industry then the consumption, supply, demand, profits, losses, and investment towards oil will be a mutually beneficial one for the country and it's people. The building of a strong middle-class will allow for country's to prosper for many years to come. In the United States, we have the strong infrastructure to adapt to problems that the instability of both the supply and demand of oil will cause. People working in these industries have more job openings and more jobs filled, therefore creating a lower unemployment rate and a higher national per capita income. Oil and gas is a resource that can be used up if not conserved properly. If you look throughout history when there have been fluctuations in gas and oil prices you have vast fluctuations in the economy of our country. For example during the mid-seventies we had the oil and gas shortage due to the Middle East cutting off supply to Importers of their oil. This is because prices for such things like gas and oil fall and people are able to consume more gas at a lower price. Then these countries will adapt and overcome.
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