Macroeconomics Essay Example | Topics and Well Written Essays - 2500 words - 2

Macroeconomics - Essay ExampleThe organization of petroleum exporting countries decides by them the cost per caskful of petroleum. The present equipment casualty of petroleum in the world market has skyrocketed in the last few eld because the OPEC particles have agreed to limit the output per country. Since the agreed output has been reduced, the prices of petroleum per barrel have skyrocketed for the olden few years.A study of the non OPEC member nations, government and other academic researchers have shown that the non OPEC member nations whitethorn have equal sales with the OPEC member states in 2010. The worst case scenario is predicted by some scientists masking the worlds population volition squander the limited petroleum oil supply. When the petroleum will dry up, then the worlds population will have a feeling that we argon approaching the end of the world.Exxon has warned OPEC countries that the oil supply will not last forever. In some countries, solar energy researc h have been successful replacements for petroleum. Oil business can be subdividied between the OPEC member countries and the non OPEC. Countries have started looking for non-petroleum product replacements. An example is the electric power batteries. The solar powered homes and calculators are cosmic successes.The introduction of the substitutes will help lower the the increasing barrel cost of petroleum (fossil) fuel. In fact, many a(prenominal) large-scale projects, such as shale processing and synfuels (e.g., coal to liquids), were begun in the early 1980s, but these were abandoned when the price of oil fell drastically in 1986. However, research has continued at a steady curtilage since that time. Even producing oil from tar sands is now a alternative major industry in Canada. Plants to produce liquids from natural gas are operational, and much larger plants are under construction. Ethanol production from sugar cane and corn is now done on an industrial scale. Thus,