Not only will the massive amounts oil produced from this area have an effect, it is estimated to create anywhere from 250,000-735,000 jobs. Just for a reference as to how much this will boost the economy, since 1977 the North Slope oil development has pumped 500 billion dollars back into the economy. This is now slowly running out of resources considering it reached its peak production in 1980; however to continue boosting the economy more exploration needs to be done. (source 2) Action needs to be taken immediately because from the date of approval to exploration it takes anywhere from 7-12 years until the first barrel of oil is recovered. (Source 1/3) The 16 billion barrels of oil that lie untapped there would be more than enough to replace the oil Americans would purchase from Iraq for over 58 years.
It has averaged $3.50/mmBtu in recent years due to new fracking technologies and government subsidies (McElroy, Lu, 2013). This price drop has had a serious affect on supply and demand. Subsequently, there has been a major shift in the supply side of natural gas. This shift is primarily due to the massive influx of gas derived from fracking shale gas. Because of this, the United States will be in a position to begin exporting natural gas by 2035 (Friedman,
It is said that in areas were ethanol is produced people will save up to 20-30 percent each gallon. But it become increasingly expensive in areas away from were ethanol is produced, for example on the coasts. It is expected that on the west cost people will pay 20% more for a gallon of ethanol than gasoline. Because this issue has arisen relatively recently, prices for natural gas have gone up at a faster rate than was
The 10 percent increase of private label bags led to some consumers switching to gas grilling and others moving to the Kingsford brand, increasing its market share. The downside of increasing prices was that if it held out on increasing prices another year they may be able to significantly cut into Royal Oak’s market share. The brand managers Smith Boyle and Warren should propose to moderately increase prices in accordance with the price elasticity studies. These price increases should remain slightly more than that of their competitors. They should be able to offset the
Some have estimated 60 million dollars are spent enforcing legal prohibition each in year in Colorado before this amendment while estimating that they could save the minimum of 12 million dollars a year (Alliance, 2014). This act also comes with the creation of new jobs bringing work back into the economy to better help bolster the economy as well. This also brings more business to farm and crop suppliers so that it is somewhat beneficial in more than one area of the economy. Also with this upward trend showing and making it available recreationally have decreased the number of illegal
Due to wooden bats breaking at a much higher rate, they have to be replaced more often. Wyoming Valley Conference coach Matt Skrepenek states, “It’s a money issue and wouldn’t be cost efficient. It would just get too expensive” (Faiwell). For instance, a $1000 dollar investment by a team for bats could purchase 4 aluminum bats that will last the season or longer, or it could purchase 12 wooden bats that could last for several games or several months. Wellesley American League went through 600 bats in one season, which totaled to the amount of $8,000 (Greater Boston).
One effect of hydraulic fracturing on economics is that it creates a huge increase in profit for natural gas sellers and drillers by opening up the opportunity to tap so much more natural gas than was available before. “North America has approximately 4.2 quadrillion (4,244 trillion) cubic feet of recoverable natural gas that would supply 175 years’ worth of natural gas at current consumption rates.” (Earthworks, N. Loris) Another way it affects the economy is that 10,000 jobs could be created by each drilling site that is opened. (N. Loris) However, a negative effect it has is that it costs about 2 billion dollars for each plant and extra for maintenance and disposal. One last affect hydrofracking has on the economy is it lowers natural gas prices by up to 15 dollars a gallon.
Other countries, investors and large businesses would lose their investments in oil and gas of the oil sands. This would be a major loss because since 1999 the amount of investments has quadrupled, going from 10 billion dollars to a little less than 40 billion as of
This was intended to save both GM and Chrysler from bankruptcy which is did effectively, while also saving hundreds of thousands of jobs. What they don’t tell you is that the premature closing of many of their dealers actually led to the loss of more than 100,000 jobs as a direct result of this bailout. President Obama also claims on multiple occasions that the bailout has been fully repaid with interest but in all reality there is still some $25 Billon of the original $80 Billion that we will in all likelihood never get back. This has lead to a
Government, as one of the most powerful administrations in the world, does have a significant amount of power that could be utilized in order to conserve these resources and benefit the economy, the country, and to an extent- the world. Robert Samuelson writes simply that if the government introduced anti-global warming laws, “fossil fuel prices [would] rise” and “consumers [would] quickly use less, and new supplies of ‘clean energy’ [would] magically materialize” (Source D). The amount of money it would take to “solve climate change, invest in a clean future, and save billions in imported oil”, would end up being around a dime per capita, per day. This low cost should be extremely appealing to the government, for “few things are more appealing in politics than something for nothing” (Source D). The government has already done a good job encouraging people to be more “green”, but the power they possess could improve the situation exponentially.