Explain why oil exploration in the areas shown could lead to high economic and environmental costs (10) Oil exploration is the extraction of petroleum from reservoirs underground and using the substance to benefit people. For example using it for transport and industry. However continuous exploitation can lead to costs, which can be both economic and environmental. Figure 1 shows that Canada is a location that is currently exploiting oil, 170 billion barrels per year. With Canada being second to Saudi Arabia to have the largest stores of oil in the country, it can provide large amounts of oil without the need to dig large mines to get to it.
Driving cars, heating buildings, producing electricity, people all need gas. Therefore, gas is directly related to people’s normal life and the global economy. Recently, the Middle East political and economic situation has been deteriorating which has led to the continuous hikes of gas prices. The oil price, the volatile situation in Libya and rumblings in Saudi Arabia are being blamed for spiking gas prices. The political turmoil sweeping across countries like Egypt, Libya, Bahrain, and Tunisia have resulted in rising oil and gasoline prices, increased inflation, devalued currencies, and diminishing stock values.
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,
Colton Scott 07.20.08 Eng101-2DND Essay 9 Gas Effects Everything Rising gas prices in America have had a substantial toll on how Americans live. In 1990 gas prices ranged at about a dollar and a half per gallon. Now, in 2008, gas prices range around four dollars a gallon. Many people complain that these rising gas prices effects how much they travel, but it effects more than that. Prices in gas have changed how much food cost since the transportation of these goods needs gas.
They don’t want to over rely on outside oil sources from politically unstable countries. Currently, almost 30 percent of the oil is imported from nations either unfriendly to America or politically unstable. If the U.S. doesn’t have its own offshore oil drilling industry, they have to rely on other outside sources, which may lead to an unstable economy in the United States. Examples of these countries would be Venezuela, Nigeria, and Iraq. They might adjust the oil price because they have some internal problems to handle.
2013).Pharmaceutical companies sometimes place active chemicals and waste into groundwater sources, in which almost all of the groundwater may be untreated which most likely cause contamination. (Herber, 2002). Abstract: Increase in the emissions of carbon dioxide by burning fossil fuels is the largest cause of environmental down grading resulting not only in global warming but also causing acid rain which alters the pH balance of ground water. Water is a universal solvent; however, its dissolving properties are very sensitive to changes in temperature and pH. Global economic growth has, unfortunately,
Only six months after Hoover took office, the economy collapsed and the Great Depression began. Many factors caused and contributed to the Great Depression of 1929. One factor would be the overproductions of many goods in the 1920s led to worker layoffs Another factor was that easy credit led to people spending more than they had, and it led to a rapid inflation that eventually caused people to stop buying. The Federal Reserve Bank, created in 1913, did a poor job which also led to the great depression. It did not monitor interest rates to help regulate the economy when overproduction and inflation had started to cause unemployment in 1928-29 and the economy seemed likely headed toward collapse.
The economy is considered to be very unstable at the current time, and it is the duty of the United States government to do everything in their power to once again stabilize the once booming economy for the sake of the entire country and its citizens. Current Unemployment Rate Currently unemployment rates in the United Sates are a less than desirable 7.9%. Although, this number has decreased by 2.1% from its peak in recent years, it is still believed that there is a long way to go. Prior to the recession unemployment rates fluctuated between 4% and 6% (www.bls.gov, 2012). This increase in the unemployment rate is having considerable impacts on the economy.
THE GREAT DEPRESSION BY: JASMINE SARVAS HISTORY 20 ESSAY January 14, 2011 THE GREAT DEPRESSION The Great Depression came about because of three main causes, in my opinion these three causes were not properly dealt with which could lead to the United States falling into another depression similar to the one in the 1930s. The first obvious cause was the deflation and inflation within the economy in the United States. The cause that immediately followed was the demand for product. This led to the last cause which was unemployment because of the nation being over loaded with product and lack of money. Most people think that the Great Depression started with the stock market crashing and it changed the way United States worked.
(Deepwater Oil Exploration, 2006-2010). Although the process is extremely costly, the increase in oil prices beginning in 2007 made it a desirable industry in order to meet the insatiable need for oil in this country. Although there has been a segment of the population that has never been happy with our involvement in deepwater drilling, the Gulf oil spill this year has caused people to finally take a look at whether or not the process should be banned, given the unbelievably high price to pay when there is a spill of the nature that was experienced in