The extent of pollution of natural resources essential to basic survival and livelihood is the result of large extranational companies being able to exercise corporation sovereignty in the context of nations and communities with little infrastructure and economic support in place. However, it was also inspiring to realize the efforts to combat this crisis, which have stemmed from both large policy enforcing. The predicament of peak oil does not just effect a fraction of the population, instead, it effects the whole world. In order to prepare for the occasion when we will no longer have conventional liquid energy the world will need to develop renewable energy sources that will be capable of sustaining the worlds energy requirements.
Free Oil Crisis Essays and Papers
Global energy crisis Free Essay Example
Oil is the major source of energy worldwide and it is expected to remain so over the next few decades. As the technology is changing our environment nowadays, oil has done it in the 20s and 30s. Ever since, then crude oil has become the main raw material in every economy no matter it is a developed one or it is in the developing process. The changes in the prices of the crude oil are making positive and negative implications on every economy. When these changes of prices are severe ones, one might easily conclude that an economy is going to face problems such as unfavorable supply shocks, or according to the theory adverse supply shocks. When these kinds of problem arise in the world oil market, it is usually described as a world oil crisis. The world has witnessed 2 major oil crises and it is facing another one at the moment.
Global Oil Crisis
It pointed out that failure in different financial institutions including the Federal Reserve accelerated the crises. Lehman brothers; one of the three largest investments banks in the United States has been cited in the financial crises in The bank went bankrupt and it had to be sold in September Currie, The other two banks Morgan Stanley and Goldman Sachs had to become commercial banks where more regulation was done.