The Discovery Of Crude Oil And Oil Prices - 2425 Words

Introduction Agricultural production which used to be the mainstay of Nigerian economy has been declined as results of crude oil discovery and subsequent increase in production and exportation of crude oil (Edo (2013). The discovery of crude oil and appreciation of oil price in the World market some years ago leads Nigerian government to abandon all other means of revenue generations including agriculture, just to depend solely on crude oil revenue to finance most of her budgets. However, crude oil exports are no longer sustaining the economy due to current downturn in crude oil price. For instance, the Nigerian government generated lots of revenues from crude oil exports but majority of her populations are still under the poverty line (Shaxson, 2005). Therefore, there is need to source revenue generations through other means. Among those means of revenue generation is through increase in agriculture production and exportation. But the sector needs massive overhaul and developments in orde r to yield fruitful results. Developments of agricultural sector will require serious investments in the sector, which is done properly, will improve export revenues in country through an increase in agriculture output and exportation. This therefore calls for an urgent need to assist farmers with capitals, improved and hybrid crops and livestock, and â€Å"subsidize agricultural inputs which in effect will increase agricultural yields† (Jerven, 2014). For instance, in many developingShow MoreRelatedThe Discovery Of Crude Oil And Oil Prices2442 Words   |  10 Pagesresults of crude oil discovery and subsequent increase in production and exportation of crude oil (Edo (2013). The discovery of crude oil and appreciation of oil price in the World market some years ago leads Nigerian government to abandon all other means of revenue generations, including agriculture, just to depend solely on crude oil revenue to finance most of her budgets. However, crude oil exports are no l onger sustaining the economy due to the current downturn in crude oil price. For instanceRead MoreThe Crisis Of The Nigerian Economy1681 Words   |  7 PagesPROBLEM STATEMENT: Economy of many nations is currently at distress due to current plunge of oil price the international market. This sink in crude oil price produces an economic shock especially to the poor and developing Countries that depend on crude oil revenues to balance their budgets (Iwayemi, Fowowe, 2011; also see Effiong, 2014). Nigeria, being one of those nations, is currently experiencing economic crisis. For instance, many states in the federation presently can no longer pay theirRead MoreEssay Crude Oil742 Words   |  3 PagesCRUDE OIL For the past month and a half I have researched and followed Crude Oil prices in order to gain a better understanding of exactly what this commodity is, how it is traded, how it effects our overall market as well as our everyday lives. During this time I’ve learned the importance of understanding how and why commodities are traded everyday and will share with you exactly what I have learned from my research. In 1859 Colonel Drake stuck oil for the first time and became the first manRead MoreOil Station With High Oil Prices1399 Words   |  6 PagesHave you ever felt depressed after you went to oil station with high oil price? Los Angeles, the place we are living, has abundant oil to produce. Why we are still suffering a high oil price even Los Angeles is one of the oil production places? In the center of Los Angeles, we had found an integrated tar pit left over by history. Do you know what the purpose of tar pit is? In the United States, most of asphalt was transported from Los Angeles and asphalts were used for road construction. As asphaltRead MoreOil Drilling and Gas Extraction Industry in the US Analysis1242 Words   |  5 PagesConnor Sims, Associate SUBJECT: Oil Drilling amp; Gas Extraction Industry in the US Analysis (21111) This report presents information regarding the industry, the primary operator of oil and gas field properties. The industry fuels its key buyers, the Natural Gas Distribution (22121) and the Petroleum Refining (32411) industries, with crude oil and natural gas. The industry continuously battles a shortage of available oil. In addition, many major oil fields have been in use for decades, slowlyRead MoreThe Oil Sands Of Alberta1194 Words   |  5 Pages Alberta Oil Industry EC239 section C Instructor: Sharif Khan GROUP MEMBERS Jiayu Weng 133004040 Liang Zhang 114161410 Jingsong Sun 114161870 Brent Bogdon 130177700 Thurairajah Thilakxshan 130937440â€Æ' I. INTRODUCTION The Oil Sands of Alberta have been a scene of controversy since the commercial production of oil began there in 1967. The Oil Sands are underground deposits made up of a mixture of sand, water, clay, and bitumen (1). The oil extracted from these reserves in Alberta is an integral sourceRead MoreCompetitive Enviroment Of World Oil Markets934 Words   |  4 PagesCOMPETITIVE ENVIROMENT IN WORLD OIL MARKETS OPEC Has Been Waring Its Role on Oil Markets The largest organization to control and impact oil suppliers is the Organization of the Petroleum Exporting Countries (OPEC), an entity which associates with13 countries: Algeria, Angola, Ecuador, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates and Venezuela. The mission of OPEC is to coordinate and unify the petroleum policies of its Member Countries and in orderRead MoreCorrelation Between Oil and Gold Silver Using Regression Analysis1217 Words   |  5 Pageselectronic trading platform through its efficient and transparent price discovery and price risk management. MCX ranks No. 1 in silver, No. 2 in gold, and No. 3 in crude oil. This document contains the correlation between change in prices of Gold, Silver and OIL with respect to each other. Over the last 50 years or so, gold and oil have generally moved together in terms of price, with a positive price correlation. The price of oil is poised to rise steadily as the supply/demand imbalance increasesRead MoreCauses of Rising Global Oil Prices Essay954 Words   |  4 Pagescurrent price increases embrace the renewed geopolitical concerns in the Middle East, declining excess capacity in oil production, the production cuts agreed by the Organization of Petroleum Exporting Countries, the devaluation of U.S. dollar against other most important currencies, increased demand from rising countries and the noteworthy expansion in provisional dealings on oil futures market. Traders and speculators can earn from these changes in values through purchasing or selling Crude Oil CFDsRead MoreExportation Of United States Crude Oil Embargo Act ( Worstall )1401 Words   |  6 PagesExportation of United States’ crude oil has recently become a major topic of debate due to enhanced oil discovering techniques. These new production and extraction methods have been developed to fully produce reservoirs across the country. Since 1973, the United States’ government has placed rigid restrictions on the exportation of crude oil produced within the country (Johnson). These restrictions have prohibited the sale of U.S. crude oil to foreign markets (with some exceptions). President Richard