Energy Resources in the Worlds Economy Essay

Energy and World Economy

Energy being a corner stone of the current industrial economy, it does offer an indispensable component for approximately the entire human activities. It offers services for food preparation as well as lighting, physical condition, storage, edification, granite mining, and industrial production in addition to transportation. Current energy services are with no doubt influential train of money-making as well as social growth, moreover no nation has contained the growth greatly further than a subsistence economy minus enhancing even the smallest amount of energy access services for an extensive segment of its people. All the way through the world, the energy capital obtainable to them as well as their capability to pay principally determines the people's way of life. On the other hand, it is significant to note that people only need energy services and not fuel or electricity.

In entire history, dissimilar sources of energy have in a way or the other been used at unlike times as well as places and this has been done in very diverse mishmash with each other. We talk of each other having the idea, that energy do exist in many different forms or sectors namely; hydro-electric, wind, solar, natural gas, bio fuels, wood, peat, coal, oil, whale fat and cow dung among many more. And to accompany all these sectors is a labour division linked with them. For energy to be drawn from these sources a technology is needed for transformation of the said energy into a consumable form. It is clear that energy sector has played the most significant role more so in economy of the developing countries. And it is also very evident that the said sector has extended this role even to the universal economy. As per Campbell C.J, (1995), it has been observed that oil prices and other energy sources of that kind has in a way or the other affected the economical position of a good number of nations more so in the developing countries. It is obvious understanding that the nations that are growing economically have drawn together a batch of overseas unswerving investments from both growing and stable nations. (Carmalt S.W. And B.St.John, 1986). From this we've seen key organizations mostly from USA and United Kingdom pitch bases in these developing nations with the aim of exploiting the oil resources as well as broadening these nations' market hence creating job opportunities to the residence. This has always boosted the resident's living standards giving them the opportunity to live a better life. The central government of these nations has also benefited from the invested capital from the intercontinental sources, which they have used in improving their infrastructural conveniences such as building novel roads as well as upgrading the status of education with the significant example being the whole gulf region, among others. Some nations have also managed to better their tourism sector through this invested capital, the best example being United Arab Emirates along with Saudi Arabia. Researchers have always concluded that oil as well as other energy products constitutes above 50% of worlds' economy. This brings a brighter face to all the nations that…