Economic Factors of the Oil and Gas Industries

The economy is affected by many factors that determine if it is strong or weak. These factors have to do with buyers consuming goods and services and at what rate they do this. Do the goods and services that are consumed by people created wealth, jobs and a better overall economy for a country. Throughout history some economies have evolved faster and stronger than others. Policies that the government places on industry, technology and the environment can all affect the prosperity of an economy. Of the factors that affect economic growth the industry of oil and gas is one that holds a stronghold in the world's and America's economy today.
Oil and gas is a resource that can be used up if not conserved properly. That is why OPEC was formed, as well as organizations such as NAFTA to help regulate trade of these commodities and bring organization to a disorganized status. O.P.E.C. which stands for Organization of Petroleum Exporting Countries, is made up of 13 countries: Iran, Ir...