Energy Economic Study Questions 2 Research Paper

Energy frugal Study Questions 2 - Research Paper ExampleIf there is excess demand and low try prices increase.Cheating by OPEC particles refers to a situation where members do not comply with quotas confine by OPEC. It involves member countries producing more than the quantity required by OPEC. Some members such as Nigeria produce more than the get up quantity because of their economic status. Cheating by member countries affects the supply of oil consequently affecting prices set by OPEC.World oil situation refers to the current quantity of oil available and the prevailing prices. ameliorate cosmos oil situation refers to a situation where oil producing countries produce oil in comfortable quantities to meet demand. The availability of oil and in standard prices is considered the normal situation. OPEC have the power to influence the valet de chambre oil situation by producing more or little oil.Energy efficiency has contributed to improved world oil situation by reducing o ver reliance on oil e.g. use of electric car trains. This causes people to slowly shift from the use of no renewable oil to use of electricity hence reducing the strain on oil resources.New technologies for finding and extraction of oil have contributed to change magnitude oil situation. This has made it easier to discover more oil wells. More oil wells will current of air to increased supply hence improving the world oil situation. Also, better understanding of the local geology is a contributing factor.Jaccard uses economic concepts such as consumer response to prices, greater use of coal and near unblemished substitution in his argument that depletion of conventional oil resources is unlikely to be cataclysmic.When price of a dear increase, there is slow response initially, and this keeps the price constant for a while. This slow response is equivalent to string up in demand for the product. This is because people look for other alternatives. In the case of oil, money might move from gas and oil to other alternatives. Jaccard believes that with oil, coal is an alternative.