Oil Companies And Economic Power - 1554 Words

Oil Companies and Economic Power Introduction In the modern world energy has become very important since it helps drive most industrial as well as home based activities. The process that leads to production of the world’s largest energy provider, Oil, however has continued to receive criticism. This is so since production of Gasoline, Natural Gas, Kerosene as well as other components present in crude oil leads to some forms of environmental pollution. This has led to devastating climatic changes around the world which has in turn led to loss of lives and property. In the course of transporting crude oil to refinery stations, cases of oil spillages into oceans and other water bodies occur. The result is water pollution as well as death of†¦show more content†¦Mitchell, 98). Oil companies operate in defined regions where oil exploration and possible drilling is done. However some companies such as Shell BP engage in international drilling and distribution of oil products. Below are some of the most renowned oil companies in their constituent continents: Africa: Sasol of South of South Africa and National Petroleum Company of Congo. In Asia some of the leading oil companies include Nobel Group and the Bahrain Oil Company. It is important to note that Asia has a lot of oil resources and hence have extensive oil drilling activities. In Europe we have Partex oil and Gas Company, in South America three is Bridas Corporation based in Argentina. North America has one of the most advanced technology in the oil industry. These companies have extended their activities around the globe in a bid to discover more oil resources to sustain future energy requirements. Some North America companies include Shell Oil Company and the Apache Corporation. This paper will f ocus on the importance of oil companies over and above the problems that they pose to the environment as well as the political stability of the world. For practical examples I chose to use the state of Alaska where oil companies have based their operations as a case study. Role of Oil Companies in an Economy (a) Powering Industrial Activities Oil companies form the petroleum industry