Oil and its position in the process of globalization of the world economy
AbstractThis study is devoted to analysis of different aspects of world oil market development and its role in further growth of individual national economies, especially in connection with the ever intensifying globalization process. The study shows individual aspects and parts of the oil market, be it production and consumption of crude oil, its territorial dislocation, including EU, and also an analysis of the impact that has the development of oil consumption on economical results of individual national economies. In the first place it analyses the connections with the growth of competition ability of companies. Further research is devoted to the establishment of crude oil price and to the most important aspects on which depends the price creation process. Supply and demand factors are also analyzed. The study comes to a conclusion that the biggest obstacle in using the crude oil will not be its availability, at least in the short run, but the ever fast increasing price. This high price will enable the use of oil only to such companies and countries that will be able to implement the oil in the production process with very high efficiency. Such conditions satisfy only products and services that are based on unique technical and scientific know-how, with high added value, or in such areas of national economies where the use of oil is unenviable.
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Bibliographic InfoArticle provided by University of Economics, Prague in its journal Politická ekonomie.
Volume (Year): 2006 (2006)
Issue (Month): 4 ()
Postal: Redakce Politické ekonomie, Vysoká škola ekonomická, nám. W. Churchilla 4, 130 67 Praha 3
Find related papers by JEL classification:
- B30 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - General
- D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
- D49 - Microeconomics - - Market Structure and Pricing - - - Other
- E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Capital; Investment; Capacity
- E23 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Production
- F23 - International Economics - - International Factor Movements and International Business - - - Multinational Firms; International Business
- L11 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Production, Pricing, and Market Structure; Size Distribution of Firms
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