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How is Our Economy Affected by Oil Supply?
We have seen many economic changes over the course of the past year. Global recession & a need for conservation have been by-words. The price of oil has fluctuated dramatically & finally settled in the mid $70’s per/barrel.
A Time for Change in Energy
Change the oil industry & all our problems will be solved was the battle cry across the nation & in government. We need new renewable national energy alternatives to replace the high price of foreign oil.
All of these calls for change are viable; however that doesn’t change the fact that today our Nation still relies on petroleum & that the use of petroleum products is ingrained in the fabric of our society. While people are carrying on about how we need to change our cars from running gasoline to something electric or hybrid it hardly scraches the dent in our uses with petroleum products. Products like ink skis toilet seats fishing rods paint soap ballpoint pens nail polish lipstick tennis rackets dice umbrellas vitamin capsules & thousands of other products.
Did you know that less than half of every barrel of crude oil is turned into gasoline? The rest is used to make over 6000 other products that we use everyday. The following is small list of some of the most common uses for petroleum products Small list of petroleum products. How many can you think of?
Impact of Oil Industry on our Society
There are many different ways the oil industry has been hit by the recession & many of them one might not readily recognize. Did you know how many consumer products are actually manufactured from oil based products? Take tooth paste soaps lipstick sports articles & many textile fabrics just to mention a few. So if fewer sports articles are sold the demand for production will diminish which in turn affects how many people are employed both in production & retail. While a retail sales clerk at a sports store may not seem directly impacted by the recession in the oil industry he in fact may just have lost his job because of it.
What about skies? How deeply does that affect the oil industry? If skies are a luxury & fewer people are buying skies this year because they are not going on as many winter vacations then ski manufacturing plant sales are down which in turn affects those employees. But does it end there? No Ski manufacturing plants make fewer skis they lay off employees. Retail shops sell fewer skis so they have to lay off employees. Finally fewer people are on the slopes this year so ski resorts are forced to conserve & lay off employees. To complete the cycle with all the employees from these industries unemployed they in turn have less money to spend on DVD Players or new Plasma HDTV’s & the cycle continues.
How one product can make a difference
Over the past one hundred & fifty years oil based products have become en-grained in every aspect of our society. It took time & tremendous advances in technology to get to that point & it will take time & technology to make the paradigm shift. There are no quick fixes to reduce our dependence on oil. So in our call for change we must look at all the other ways & products that will need to be changed as well. We have changed the way we purchase & the amount of products we purchase due to the recession now we need to change the way we look at the oil industry in order to make it work. They are all intertwined
Until that day arrives one company Miller Oil Field Equipment & Repair is striving to do their part in helping the oil field industry. They believe if they can help domestic oil rigs & oil drilling equipment run as smoothly & efficiently as possible they will produce more domestic oil & support American jobs & build the U.S. economy.
Resources If you would like to know more about the oil field industry you can read more articles by Jaron Miller of Miller Oil Field Equipment & Repair. They have thousands of products available to service you. Grab a totally unique version of this article from Uber Article Directory
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