It is a known fact that crude oil is the lifeblood of modern civilization. One among the most needed commodity of whole world is crude oil. It influence directly over economy of countries even by a slightest fluctuation of its price. Economist, all over the world are closely watching the price of crude oil daily. Graph of consumption of crude oil is increasing over past decade by a large percentage. Any way, either excess supply or shortage of crude oil had a massive impact on the economy. It directly hit the stock markets through out the world. Interestingly, stock exchanges of all countries are keeping an open eye on the up and down variations of crude oil price constantly. Almost most all of the Asian countries import crude oils from oil producing nation to meet their requirement. And obviously, it has a direct impact on common man’s life in these countries. Thus it is acting as the driving force, which is regulating the control of domestic market price hike.
The prime source behind today’s progress in all arenas was made possible by this natural resource. But now, we are having an addiction to this rather than depending on it. Its importance shows that we are not yet found any solid energy substitute for this energy resource. The importance of crude oil doesn’t merely cover as fuel, many other bye products are obtained from the processing of natural petroleum which we make use in our livelihood. Even many things what we eat, wear and use like pesticides, fertilizers, detergents, food additives, nail polish, lipstick, pillows, ink are the bye products of petroleum.
The hike in oil price makes living of common people miserable. To seek out the crisis, nations are trying to find out alternate steps to reduce its consumption even by a small percentage. Since the basic of economic equation of supply and demand is not correlating, the difference will affect the entire world with its price. As the scarcity of supply is predominating its effects are viewed in financial markets, may be this is not the only factor but it remains as the prime factor.
We have seen the rise of middle-east countries as rich economy nations in the later century. Being oil producing nation its influence have made people around other countries to exploit the employment opportunities prevailing in this sector.
Oil drilling is considered as one of the riskiest ventures of the world.
It is being risky as well as expensive to dig an oil well founded with oil stains. The reasons of its expenses are mainly because of the payment for the contractors, welders, engineers, supervisors, geologists etc. The life protection and insurance have to assured for these workers involved in drilling, Welding, mining sections. Most of these, the attraction for this risky job needs highly talented persons possessing skills in areas such as Welding, drilling, mining, technical supervising and also they are benefiting a lot from their works.
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