Petroleum & Economic Impact
For over hundred years, the World economy has been
increasing along with the oil. The oil industry
is the world’s important industry and about 38% of world’s energy needs are
fulfilled by oil. Most of the product’s price is depends on the price of the
oil. Oil accounts for about 1/3rd of primary energy supply and about 2.5% of
world’s GDP is due to oil. Oil and gas
powers almost 100% of all transportation system which is responsible for 1/6th
of total world’s GDP. Oil and gas
industries consist of a huge transportation system which possesses millions
upon million miles of pipelines for transporting crude oil, refined oil,
natural
gas and other petroleum products.
- Impact of Petroleum in World Economy
- Oil & World Crisis
- Impact Petroleum in the Middle East
- Petroleum & Modern Civilization
- Impact on World’s GDP by Petroleum