Petroleum Economic and Oil field management 2013-2014 Essay - 1

Petroleum Economic and Oil field management 2013-2014 - Essay Example The above are but some of the few reasons why there has been limited adoption of energy conservation. The huge amounts of income, derived as petro-dollars, do significantly contribute to various state-entities’ economic survival (ElBaradei, 2013). This affects the limited nature of alternative energy resource development taking place globally. The continued rate of global industrialization, which necessitates increased consumption of energy resources, especially oil and natural gas has been a factor of concern because conservation would pose a threat to continued industrialization. Another important factor is that alternative energy resources, though significantly advantageous than the more prominent fossil fuels, are unfortunately very expensive to develop. In addition is the factor of global application and viability, as none of the potential alternatives can at the current contexts, be exploited effectively to warrant a change from oil and natural gas utility (Leggett, 2001). The case scenario above is further impacted by the fact that there is a hold/ control of this sector. This is mainly by global multinationals, which are majorly Western-based and capitalistic in nature. These firms, are powerful actors in the prevailing international relations, and hence contribute to the slow pace of change. This is influenced by the fact that major revenues are gained, not only by these firm-entities, but also by their mother-nations, which are all powerful actors in the global arena. Consumerism, which as a phenomenon has been founded on en masse production of goods and service provision, further fuels the need for oil utility, in the production of various crucial products. The underlying global industrial base is thus, the main driver of fossil fuel consumption; significantly influenced by the global industrial output and human advancement