As a result, there is great insecurity among end consumers, who have found their money incomes depleted with respect to purchasing power. As per a survey by National Association of Convenience Stores, 45% of American
consumers reported a decline in spending power due to rising petrol prices. While 19% wanted to buy more fuel efficient cars, an astonishing 13% had already reduced their driving on the back of $3/ gallon gasoline prices! As a result of earlier oil shocks, consumers have increasingly adapted an ‘aftermath attitude’ and eventual demands for automobiles have sagged significantly through out the world. A total of 38,214 hybrids were sold in the American market alone in March 2008, proof that these cars are now being perceived as a value proposition that’s beyond ‘fashion’.
Oil prices are very sensitively balanced as incremental spare capacity (according to some sources) is limited and there is a general perception toward a future oil deficit. To rein in this monster, one needs to first answer the question as to who is the culprit?
If you think rising consumption is to blame, hold your horses. According to OPEC estimates, the organisation’s proven reserves are expected to be somewhere close to 900 billion barrels and conventional sources are secure. Contributing close to 77% of all reserves, OPEC is the primary body controlling the world’s major oil sites.
Major members are Middle Eastern sates such as Iran, Iraq, Saudi Arabia, UAE and Kuwait. Various other regions are also represented in the organisation; countries like Venezuela, Indonesia and Nigeria are among major members as well. Thus, as a holistic approach towards understanding the oil crises spread across the planet, it is important to understand the composition of OPEC first. According to OPEC facts & figures, “The world’s Ultimately Recoverable Reserves (URR) is to continue to increase in the near future.
consumers reported a decline in spending power due to rising petrol prices. While 19% wanted to buy more fuel efficient cars, an astonishing 13% had already reduced their driving on the back of $3/ gallon gasoline prices! As a result of earlier oil shocks, consumers have increasingly adapted an ‘aftermath attitude’ and eventual demands for automobiles have sagged significantly through out the world. A total of 38,214 hybrids were sold in the American market alone in March 2008, proof that these cars are now being perceived as a value proposition that’s beyond ‘fashion’.Oil prices are very sensitively balanced as incremental spare capacity (according to some sources) is limited and there is a general perception toward a future oil deficit. To rein in this monster, one needs to first answer the question as to who is the culprit?
If you think rising consumption is to blame, hold your horses. According to OPEC estimates, the organisation’s proven reserves are expected to be somewhere close to 900 billion barrels and conventional sources are secure. Contributing close to 77% of all reserves, OPEC is the primary body controlling the world’s major oil sites.
Major members are Middle Eastern sates such as Iran, Iraq, Saudi Arabia, UAE and Kuwait. Various other regions are also represented in the organisation; countries like Venezuela, Indonesia and Nigeria are among major members as well. Thus, as a holistic approach towards understanding the oil crises spread across the planet, it is important to understand the composition of OPEC first. According to OPEC facts & figures, “The world’s Ultimately Recoverable Reserves (URR) is to continue to increase in the near future.
An IIPM and Professor Arindam Chaudhuri (Renowned Management Guru and Economist) Initiative
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Read these article :-
ZEE BUSINESS BEST B SCHOOL SURVEY
B-schooled in India, Placed Abroad (Print Version)
IIPM in Financial times (Print Version)
IIPM makes business education truly global (Print Version)
The Indian Institute of Planning and Management (IIPM)
IIPM Campus
Top Articles on IIPM:-
IIPM makes business education truly global-Education-The Times of ...
The Hindu : Education Plus : Honour for IIPM
IIPM ranked No.1 B-School in India, Management News - By ...
IIPM Ranked No1 B-School in India
Moneycontrol >> News >> Press- News >> IIPM ranked No1 B-School in ...
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The Hindu Business Line : IIPM placements hit a high of over 2000 jobs
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