[Fossil fuels are expected to continue supplying much of the energy used worldwide. Although liquid

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[Fossil fuels are expected to continue supplying much of the energy used worldwide. Although liquid fuels—mostly petroleum-based—remain the largest source of energy, the liquids share of world marketed energy consumption falls from 34 percent in 2010 to 28 percent in 2040, as projected high world oil prices lead many energy users to switch away from liquid fuels when feasible. http://www.eia.gov/forecasts/ieo/more_highlights.cfm]

Competition
Drilling
Price Competition In the gas and oil drilling industry price competition isn’t as high as you would think for numerous reasons. Within the industry it is very monopolistic. In a recent energy article titled Energy Efficiency: May the Cheapest Fuel Win it states that the industry as a
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They were then joined by Qatar, Indonesia, Libya, the United Arab Emirates, Algeria, Nigeria, Ecuador, Gabon and Angola. Recently though Ecuador,Indonesia, and Gabon have suspended or terminated their membership http://www.opec.org/opec_web/en/about_us/25.htm. The mission of the OPEC is to “coordinate and unify the petroleum policies of its Member Countries and ensure the stabilization of oil markets in order to secure an efficient, economic and regular supply of petroleum to consumers, a steady income to producers and a fair return on capital for those investing in the petroleum industry”http://www.opec.org/opec_web/en/about_us/23.htm. “Fair return on capital for those investing” is a huge understatement being that the average ROI of these countries is way over fair being that they control over 65% of the worlds oil reserves http://www.api.org/aboutoilgas/upload/oilprimer.pdf. This is where the competitiveness and disagreeing start between OPEC and Non-OPEC in that Non-OPEC do not agree with OPEC’s stockpile of crude oil not being released to the market. This forces Non-OPEC countries to produce and sell their barrels at full capacity. This is a problem because once production is slowed down and a shortage occurs the bargaining power of the
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