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Oil Boom
An oil boom is a period of large inflow of income as a result of high global oil prices or large oil production in an economy. Generally, this short period initially brings economic benefits, in terms of increased GDP growth, but might later lead to a resource curse. History Some important oil booms around the world include: * Mexican oil boom (Mexico, 1977–1981) * Pennsylvanian oil rush (United States, 1859) * Texas oil boom (United States, early 1900s–1940s) * Calgary oil boom (Canada, 1947) * North Dakota oil boom (United States, 2008–2015) Consequences According to the Dutch disease theory, the sudden discovery of oil may cause a decline in the manufacturing sector. The consequences will vary from country to country, depending on the country's economic structure and stage of development. For example, after the oil boom in Gabon, the country showed symptoms of the Dutch disease, while oil-producing Equatorial Guinea didn't. See also * Energy crisis * 1970s energy ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Boom And Bust
Business cycles are intervals of expansion followed by recession in economic activity. These changes have implications for the welfare of the broad population as well as for private institutions. Typically business cycles are measured by examining trends in a broad economic indicator such as Real Gross Domestic Production. Business cycle fluctuations are usually characterized by general upswings and downturns in a span of macroeconomic variables. The individual episodes of expansion/recession occur with changing duration and intensity over time. Typically their periodicity has a wide range from around 2 to 10 years (the technical phrase "stochastic cycle" is often used in statistics to describe this kind of process.) As in arvey, Trimbur, and van Dijk, 2007, ''Journal of Econometrics'' such flexible knowledge about the frequency of business cycles can actually be included in their mathematical study, using a Bayesian statistical paradigm. There are numerous sources of business ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
North Dakota Oil Boom
The North Dakota oil boom refers to the period of rapidly expanding oil extraction from the Bakken Formation in the state of North Dakota that lasted from the discovery of Parshall Oil Field in 2006, and peaked in 2012, but with substantially less growth noted since 2015 due to a global decline in oil prices. Despite the Great Recession, the oil boom resulted in enough jobs to provide North Dakota with the lowest unemployment rate in the United States from 2008 to at least 2014. The boom gave North Dakota, a state with a 2013 population of about 725,000, a billion-dollar budget surplus. North Dakota, which ranked 38th in per capita gross domestic product (GDP) in 2001, rose steadily with the Bakken boom, and had a per capita GDP 29% above the national average by 2013. By October 2020, total oil rig count in the state had fallen dramatically. According to the North Dakota Department of Mineral Resources, the total oil rig count in the state had fallen from 58 active rigs on October 3, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1979 Energy Crisis
The 1979 oil crisis, also known as the 1979 Oil Shock or Second Oil Crisis, was an energy crisis caused by a drop in oil production in the wake of the Iranian Revolution. Although the global oil supply only decreased by approximately four percent, the oil markets' reaction raised the price of crude oil drastically over the next 12 months, more than doubling it to . The sudden increase in price was connected with fuel shortages and long lines at gas stations similar to the 1973 oil crisis. In 1980, following the onset of the Iran–Iraq War, oil production in Iran fell drastically. Iraq's oil production also dropped significantly, triggering economic recessions worldwide. Oil prices did not return to pre-crisis levels until the mid-1980s. Oil prices after 1980 began a steady decline over the next 20 years, except for a brief uptick during the Gulf War, which then reached a 60% fall-off in the 1990s. Mexico, Nigeria, and Venezuela's major oil exporters expanded their produc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1973 Energy Crisis
The 1973 oil crisis or first oil crisis began in October 1973 when the members of the Organization of Arab Petroleum Exporting Countries (OAPEC), led by Saudi Arabia, proclaimed an oil embargo. The embargo was targeted at nations that had supported Israel during the Yom Kippur War. The initial nations targeted were Canada, Japan, the Netherlands, the United Kingdom and the United States, though the embargo also later extended to Portugal, Rhodesia and South Africa. By the end of the embargo in March 1974, the price of oil had risen nearly 300%, from US to nearly globally; US prices were significantly higher. The embargo caused an oil crisis, or "shock", with many short- and long-term effects on global politics and the global economy. It was later called the "first oil shock", followed by the 1979 oil crisis, termed the "second oil shock". Background Arab-Israeli conflict Ever since the recreation of the State of Israel in 1948 there has been Arab–Israeli conflict in the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1970s Energy Crisis
The 1970s energy crisis occurred when the Western world, particularly the United States, Canada, Western Europe, Australia, and New Zealand, faced substantial petroleum shortages as well as elevated prices. The two worst crises of this period were the 1973 oil crisis and the 1979 energy crisis, when, respectively, the Yom Kippur War and the Iranian Revolution triggered interruptions in Middle Eastern oil exports. The crisis began to unfold as petroleum production in the United States and some other parts of the world peaked in the late 1960s and early 1970s. World oil production per capita began a long-term decline after 1979. The oil crises prompted the first shift towards energy-saving (particular, fossil fuel-saving) technologies. The major industrial centers of the world were forced to contend with escalating issues related to petroleum supply. Western countries relied on the resources of countries in the Middle East and other parts of the world. The crisis led to stagnant e ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Energy Crisis
An energy crisis or energy shortage is any significant bottleneck in the supply of energy resources to an economy. In literature, it often refers to one of the energy sources used at a certain time and place, in particular, those that supply national electricity grids or those used as fuel in industrial development and population growth have led to a surge in the global demand for energy in recent years. In the 2000s, this new demand – together with Middle East tension, the falling value of the US dollar, dwindling oil reserves, concerns over peak oil, and oil price speculation – triggered the 2000s energy crisis, which saw the price of oil reach an all-time high of in 2008. Causes Most energy crises have been caused by localized shortages, wars and market manipulation. Some have argued that government actions like tax hikes, nationalisation of energy companies, and regulation of the energy sector, shift supply and demand of energy away from its economic equilibrium. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Equatorial Guinea
Equatorial Guinea ( es, Guinea Ecuatorial; french: Guinée équatoriale; pt, Guiné Equatorial), officially the Republic of Equatorial Guinea ( es, link=no, República de Guinea Ecuatorial, french: link=no, République de Guinée équatoriale, pt, link=no, República da Guiné Equatorial), *french: link=no, République de Guinée équatoriale * pt, link=no, República da Guiné Equatorial is a country on the west coast of Central Africa, with an area of . Formerly the colony of Spanish Guinea, its post-independence name evokes its location near both the Equator and the Gulf of Guinea. , the country had a population of 1,468,777. Equatorial Guinea consists of two parts, an insular and a mainland region. The insular region consists of the islands of Bioko (formerly ''Fernando Pó'') in the Gulf of Guinea and Annobón, a small volcanic island which is the only part of the country south of the equator. Bioko Island is the northernmost part of Equatorial Guinea and is the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Gabon
Gabon (; ; snq, Ngabu), officially the Gabonese Republic (french: République gabonaise), is a country on the west coast of Central Africa. Located on the equator, it is bordered by Equatorial Guinea to the northwest, Cameroon to the north, the Republic of the Congo on the east and south, and the Gulf of Guinea to the west. It has an area of nearly and its population is estimated at million people. There are coastal plains, mountains (the Cristal Mountains and the Chaillu Massif in the centre), and a savanna in the east. Since its independence from France in 1960, the sovereign state of Gabon has had three presidents. In the 1990s, it introduced a multi-party system and a democratic constitution that aimed for a more transparent electoral process and reformed some governmental institutions. With petroleum and foreign private investment, it has the fourth highest HDI in the region (after Mauritius, Seychelles and South Africa) and the fifth highest GDP per capita (PPP) i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Dutch Disease
In economics, the Dutch disease is the apparent causal relationship between the increase in the economic development of a specific sector (for example natural resources) and a decline in other sectors (like the manufacturing sector or agriculture). The term was coined in 1977 by ''The Economist'' to describe the decline of the manufacturing sector in the Netherlands after the discovery of the large Groningen natural gas field in 1959. The presumed mechanism is that as revenues increase in the growing sector (or inflows of foreign aid), the given nation's currency becomes stronger (appreciates) compared to currencies of other nations (manifest in an exchange rate). This results in the nation's other exports becoming more expensive for other countries to buy, and imports becoming cheaper, making those sectors less competitive. While it most often refers to natural resource discovery, it can also refer to "any development that results in a large inflow of foreign currency, includ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Canada
Canada is a country in North America. Its ten provinces and three territories extend from the Atlantic Ocean to the Pacific Ocean and northward into the Arctic Ocean, covering over , making it the world's second-largest country by total area. Its southern and western border with the United States, stretching , is the world's longest binational land border. Canada's capital is Ottawa, and its three largest metropolitan areas are Toronto, Montreal, and Vancouver. Indigenous peoples have continuously inhabited what is now Canada for thousands of years. Beginning in the 16th century, British and French expeditions explored and later settled along the Atlantic coast. As a consequence of various armed conflicts, France ceded nearly all of its colonies in North America in 1763. In 1867, with the union of three British North American colonies through Confederation, Canada was formed as a federal dominion of four provinces. This began an accretion of provinces an ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Petroleum Industry
The petroleum industry, also known as the oil industry or the oil patch, includes the global processes of exploration, extraction, refining, transportation (often by oil tankers and pipelines), and marketing of petroleum products. The largest volume products of the industry are fuel oil and gasoline (petrol). Petroleum is also the raw material for many chemical products, including pharmaceuticals, solvents, fertilizers, pesticides, synthetic fragrances, and plastics. The industry is usually divided into three major components: upstream, midstream, and downstream. Upstream regards exploration and extraction of crude oil, midstream encompasses transportation and storage of crude, and downstream concerns refining crude oil into various end products. Petroleum is vital to many industries, and is necessary for the maintenance of industrial civilization in its current configuration, making it a critical concern for many nations. Oil accounts for a large percentage of the wor ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Calgary
Calgary ( ) is the largest city in the western Canadian province of Alberta and the largest metro area of the three Prairie Provinces. As of 2021, the city proper had a population of 1,306,784 and a metropolitan population of 1,481,806, making it the third-largest city and fifth-largest metropolitan area in Canada. Calgary is situated at the confluence of the Bow River and the Elbow River in the south of the province, in the transitional area between the Rocky Mountain Foothills and the Canadian Prairies, about east of the front ranges of the Canadian Rockies, roughly south of the provincial capital of Edmonton and approximately north of the Canada–United States border. The city anchors the south end of the Statistics Canada-defined urban area, the Calgary–Edmonton Corridor. Calgary's economy includes activity in the energy, financial services, film and television, transportation and logistics, technology, manufacturing, aerospace, health and wellness, retail, and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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