Genting Group Essay Example for Free

Genting Group Essay The Genting Group was founded by the late Tan Sri (Dr.) Lim Goh Tong in 1965. It is one of Malaysia’s top multinational corporations. The Genting Group involves in several different sectors such as the leisure hospitality, power generation, oil palm plantation, property development, biotechnology and oil gas sectors. Tan Sri (Dr.) Lim Goh Tong started his project with the building of a 20-kilometre private access road, across tough mountainous terrains from the foothills to the summit of Mount Ulu Kali, located at 2,000 metres above sea level and also the first highlands resort on the mountain in Malaysia which formerly named Genting Highlands Resort. For a corporation to grow, business objectives are important because objectives give direction to a business. The Genting Group had been operating for 47years till today and we can see it with our eye that it indeed grows from strength to strength. This is because The Genting Group had clearly stated out their goals and objectives and did well in achieving it. One of the goals of The Genting Group is â€Å"Care for the Community†. To achieve this goal, The Genting Group had set the objectives to help the community. The Genting Group done a great job in achieving the objective in the year 2011 by dedicated amount more than RM25 million to many charities and community. The organizations that benefit from The Genting Group are Malaysian Liver Foundation, MAA-Medicare Kidney Foundation, OrphanCare Baby Hatch Programme, Malaysian Crime Prevention Foundation, Malaysia Diabetes Association and The Federation of Chinese Associations Malaysia. As for the organizations in foreign country included The Straits Times School Pocket Money Fund, The Business Times Budding Artists Fund, Heartware Network, Milk Fund and the Jane Goodall Institute in Singapore; the GREaT Foundation, BBC’s Children In Need and Cancer UK through Race for Life events, Cancer UK, Comic Relief, Marie Curie Cancer Care, Japanese Red Cross and also the Japanese Earthquake Relief. Besides that when the Sultanah of Pahang DYMM Sultanah Hajjah Kalsom binti Abdullah officially launched the Orang Asli Che Wong Cultural Building in Lanchang, Pahang on 19 November 2011, The Genting Group donated a 2,800-square-foot cultural building which consists of a classroom, an exhibition room and a hall for performances that cost a total of RM180, 000 and the Genting employees also lend a helping hand by volunteered in the landscaping and beautification  efforts. Furthermore in Malaysia, the Group participated in the Roti 1Malaysia charity project. This project is successful with the kind sponsored of bread from Resorts World Genting together with other hotels and bakeries in the Klang Valley and distribute to over 50 orphanages and homes weekly. Therefore from here we can see that The Genting Group had made their effort in helping the community generously and sincerely. This is shown when it is not only the corporation care the community but also the employees of Genting Group involve themselves too. Although The Genting Group had did well in their objectives, however I suggest that The Genting Group could set out another objective in order to achieve the goal, â€Å"maintaining long-term sustainable growth in our core businesses†. This objective is basically to care the customers, for example, â€Å"Provide the best environment and services to customers† and this can be achieved by improving the casino. If we compare between the Resort World Sentosa Casino and Genting Highlands casinos, we can obviously see that the Genting Highlands casinos are not so good than the other one. This is because of the environment and ventilation. The ventilation of Genting Highlands casino was poor and the air is stuffy. This may be cause of the casinos is not smoke free and therefore is full of cigarette smoke. The decoration of the Genting Highlands casinos are more in the 80s, it looks old and tradition. On the other hand, the Resort World Sentosa Casino is more clean and good ventilation. This is because the casino was divided into smoking area and non-smoking area. The decoration of the casino is grand and the environment is more comfortable and relaxing compare with Genting Highlands casinos. The Resort World Sentosa Casino is more strict compare with Genting Highlands Casinos. In The Resort World Sentosa Casino, the security will not let customers without passport to enter the casino but for Genting Highlands Casinos, the securities will not check every single customer, therefore there may be underage youngster enter the casinos. The Genting Highlands Casinos should immediately take action in order to provide a better environment for their customers to ensure customers loyalty that can increase the profit of the company. As a conclusion, The Genting Group did do well in overall. It provides an array of enjoyment and fun for all people, from children to senior citizen.

Witness essay 2012 hsc Essay Example for Free

Witness essay 2012 hsc Essay How does Weir’s portrayal of the relationship between Book and his world move us into a deeper understanding of power? The 1985 film ‘witness’ directed by Peter weir is a crime/drama that develops the theme of conflict though individual power on a social, cultural and personal level. These areas of power are highlighted through the use of film techniques such as; camera shots, camera angles, lighting and costume. The film outlines the juxtaposition between mainstream American society and the Amish community in regional Pennsylvania, the theme of power between Book and his world precisely emphasize this juxtaposition. The competent American society is seen as a violent and arrogant group of people, whereas the Amish community is seen as the defenceless peaceful, religious group of people. Peter weir is careful to portray power realistically; he does this though the use of violence. Weir uses three basic groups when it comes to violence. The Amish, who refuse violence in all circumstances, men like John Book who use violence to achieve justice, and the perpetrators of violence, people like Schaeffer and Mcfee, who use violence to achieve outcomes and power. Books life is one abundant with violence that is the consequence of his line of work, which essentially is present due to his authorised general level of power, he is a police officer so by law enforcement is required to exert his power though violence and literal means in order to protect and support the community in which he lives, even if this means extermination of one’s life. Weir presents the violence in the film in a graphic, confronting way. This is done to emphasise to the audience the bloody consequences that come from negative use of power to achieve justice or commit crimes. By not sensationalising violence, weir creates a realistic mis en scene; however Weir presents that violence, as used by people like John Book is necessary, as long as people like Mcphee and Schaeffer exist. The impracticality of the Amish view is presented when they are shown being harassed by tourists. Eli’s statement â€Å"it happens, we ignore them†, show that it is a regular occurrence. The idea of not using violence, even in self defence is shown to be impractical in the wider world. The Amish are community is here portrayed as one in absence of power, even though they could possibly defend themselves or use violence they choose to accept the disturbance by the modern society, and use pacifism to be genuine to their culture, being respective but vulnerable. However accompanying them is John Book, being a stereotypical police officer he possesses the power in violence and is unafraid and unrestricted to making use of it. By utilising the power he has hold of, he attacks the hecklers as he is ambiguous to achieving a sense of justice for the Amish, demonstrating the conflicting use of power when Eli says â€Å"it’s not our way† and John Book replies â€Å"but it’s my way†.

Advantages And Disadvantages Of Physician Assisted Suicide Philosophy Essay

Advantages And Disadvantages Of Physician Assisted Suicide Philosophy Essay Physician assisted-suicide is a personal decision which helps end a sufferings life. Physician assisted-suicide can affect a family physically and mentally. Physician-assisted suicide is the most common type of assisted suicide. Physician assisted-suicide or euthanasia describes any case in which a doctor gives a patient the means to carry out their own suicide. This  medical procedure  is most commonly carried out on people with  terminal illnesses. Physician assisted-suicide is a controversial issue worldwide. Physician assisted-suicide has both  pros and cons. When a person is suffering from aterminal illness  they are already physically suffering, and should have the right to decide how they want to die. A terminal illness is where either way the person is going to die in a certain amount of time and cant control it. However, physician assisted-suicide is illegal in 47 states, therefore there has to be some type of problem. Physician assisted-suicide should be legal for the people who are already suffering from terminal illnesses. They should not have to suffer anymore. Physician assisted-suicide is necessary in order to put human rights in place. Physician assisted-suicide has many disadvantages. Physician assisted-suicide has many disadvantages because in some states it is not legal and therefore if a physician goes through with the practice the physician will loose their license and can face getting sued. This has happened a few times and is a major problem. Washington and Oregon are currently the only states that permit physician-assisted suicide. Some physicians are not ok with aiding patients in dying, but that is normally not the problem. In source 3 by Reyes B.J, it states that Senate bill 803 prohibits  mercy killings,  lethal injections, and active euthanasia, and requires patients to receive informed consent. This explains that if a physician or doctor under any circumstances attempts to perform the suicide in states that it is not legal in, then there will be serious legal consequences. The Senate bill 803 protects the act of physician assisted- suicide. Although many people have their doubts about physician assisted-suicide there are many advantages of physician assisted-suicide. One positive thing about physician assisted-suicide is that physician assisted-suicide gives you the right to decide how you would like to die. In source 4 written by Lee M and Alexander Stingl he discusses the Right to die  debate. The Right to die Debate discusses whether or not people should have the right to die how they want. Many people could argue this because many people have different opinions on this personal issue. This is important because dying is considered a human right. Also ODDA (Oregons  Death with Dignity Act) permits physicians to assist terminally ill patients to end their own lives by writing prescriptions for  lethal doses  of medication. This means that in the United States, suicide, is no longer against the law. However Physician assisted-suicide still is not legal all throughout the United States. This is because instead of just the individual taking their own life someone else is involved, this makes the issue more complicated because there are legal actions that have to be put in place if anything happens that isnt supposed to. On the other hand physician assisted-suicide impacts some people differently. For example physician assisted-suicide is against the teachings of many religions, such as Catholicism, and some people feel as if it is unfair and unnecessary and against human morals. It is against some religions because physician assisted-suicide is not mentioned in religious readings for example the bible, and God does not believe in physician assisted-suicide. John Pearson writes about how legalizing physician assisted-suicide is unnecessary and painful, both physically and emotionally. If suicide was right then it would have been discovered throughout the ages by the great thinkers in law, ethics, and philosophy. If suicide was right it would have been mentioned in the bible and thats the reason that it is not classified as necessary and why people think it is against certain religions. The term  Euthanasia  was taken from the Greek word easy death. This is because it provides a quick and  painless death. In some scenarios physician assisted-suicide is best. One example of a scenario where physician assisted-suicide was best, was for Sandra Wiener. This 64 year old woman was lucky to die how she wanted. This particular woman prepared for her own death. Her physician described physician assisted-suicide as an unmentionable, intensely private procedure. Even though the 64 year old knew that what was being done was illegal at the time, her physician still carried out with the procedure. Doing this, she was committing a class E felony. However, it was best for Sandra Wiener, because she was terminally ill and suffering. In the eyes of the law, there have only been 3 acceptable ways involved with taking a life. Killing in self-defense, killing in war, and in the case of capital punishment. Physician assisted-suicide has never been looked upon as right. Many persons who want to legalize assisted suicide probably never looked at the risks that could happen if assisted suicide is legalized. If assisted suicide was legal fifty years ago, we wouldnt have some of the advancements that control pain, nausea, breathlessness and other terminal symptoms, today. Not only that but the money which is obtained from patients that spend a lot on medicine and hospital bills would cease to exist if physician assisted-suicide was legal Some diseases that were terminal a few years ago are cured by newly developed treatments. If we accept assisted suicide now, we might delay the discovery of effective treatments for those diseases that are now terminal. What about the already corrupt society of America? Todays citizens mi ght not be as honorable as one might wish when it comes to collecting on insurance policies and wills. With assisted suicide legalized, how would one regard the suspicious death of a terminally ill individual within the family? Physician-assisted suicide is a term often used to describe the provisions of the ODDA (Oregons Death with Dignity Act) although actions taken within the law do not constitute suicide, physician assisted-suicide, or  mercy killing  or homicide. Many groups that advocate for the rights of the disabled are against the legalization of physician assisted-suicide. This is because their objection stems largely from what they see as a history of medical discrimination against the disabled particularly the disabled poor. They support a group called Not dead yet. This group is largely against physician assisted-suicide. In the article written by Ann Jackson, she explains the positive outcomes of physician assisted-suicide. In 1997 there was a repeal effort. This repeal effort was to make the ODDA( Oregons Death with Dignity Act) effective. In 1998 the act was successfully effective. This was important because this act allowed a terminally-ill resident of the state to ask his or her doctor for a prescription of life-ending medication. This was positive because it allowed terminally ill patients to end their lives without suffering for any longer. With the technology and advancements in medicine today, who is to say that a persons illness couldnt be cured within the next few months or in the near future. Why end a persons life when you never know what could be in store for them. There is always that possibility of a cure coming out before it is too late. There is always that chance. How can someone else know if another person is really experiencing  unbearable pain and suffering? Who gets to be the one to decide or to tell another that their life isnt worth living? The fact is that nobody should be able to dictate what one shall do. People should be responsible for making their own decisions, and if they no longer feel that their decision is right, they have no one else to blame but themselves. They cant blame it on their physician if they do decide that they want to take their own life. Physician assisted- suicide is a very personal decision that should be carefully thought about. Physician-assisted suicide is not taken lightly. This is a very serious medical matter. There are many rules and regulations regarding this  medical procedure. Many wavers and  consent forms  have to be signed and notarized before undergoing this medical procedure. This medical procedure is a positive procedure for most families who feel as if their loved one is suffering, or has been suffering for to long. To ensure that the patient receives full trust within the doctor there is an oath. The  Hippocratic Oath  is an oath taken by doctors which ensures that they swear to practice medicine ethically. This ensures that the physician or doctors prescribing the patient with the lethal medicine which kills them, understands what they are doing and ensures that they are doing it correctly. This oath is like a backup consent. If the doctors or physicians are not abiding by this oath they can face serious consequences which could make them loose their  medical license  and even be sentenced to face many years in jail. In source 5 written by Andrew Walter he mentions that the Hippocratic Oath protects the patients when undergoing this medical procedure, Andrew Walter is very true when stating this because it protects the patients and the patients understand what is going to happen during a normal procedure. Overall physician assisted-suicide has both its advantages and disadvantages. Some people believe that physician assisted-suicide is morally wrong and unnecessary, but on the other hand some people think it is the best thing to do and is necessary to move on in life. Either way physician assisted-suicide is a controversial issue and has caused many issues over time. Currently  physician assisted suicide  is only legal in 3 states and Hawaii is still trying to make it legal as the fourth state.

The Revolt Of Mother: The Power Of Decision Essay -- Mary Wilkins

The Revolt of Mother: The Power of Decision Decisions shape our lives. In history , the decisions of leaders and generals have changed the course of mankind. In today's world , multi-billion dollar corporations rest on the decisions of a few select executives. On a smaller but no less important scale, acting on decisions can liberate people from stagnation. In the story "The Revolt of Mother" the main character shows us the power of acting on decisions. Mother recognizes the wrongs of her situation and weighs the effect on her family. In the end she acts to free herself and her family from forty years of wrong. Mother lives forty years with a suppressed dream—a new house promised to her after her wedding. She lives with the everyday routine of cleaning the house and cooking pies for the family. This shows the stagnation of her everyday existence; an existence brought about by forty years of non- decision. Mother stays content with her shack. "She was a masterly keeper of her box of a house. Her one living room never seemed to have in it any of the dust which the friction of life with inanimate matter produces"(LACpg.284). This shows the lack of empowerment mother has at this time of the story. This state is partly due to the society—a time that was male dominated and discouraged the wife to speak out—and partly because mother just feel into a routine that included everything except her happiness. I felt that mother centered her life around providing for her family but forgot to look towards her own needs. She bakes pies, cooks dinner and it everything else except things that made her happy. Mother discovers disturbing news when she learns that her future house is giving way to Father's new barn. Mother would have probably let her dream die if it were not for a conversation with her daughter. Mother realizes that it's not just her happiness involved. This breach of contract now involved the happiness of the family. Mother does something that changes her state: she decides and acts on it. Many times our personal happiness takes a back seat in a busy world. I forget my own need sometimes just trying to please loved ones—mom, dad, mom, dad. Sometimes when someone else's happiness is in jeopardy I'm more inclined to act. Mother is ashamed that her daughter is going to be married in such a small, drafty house. "I want you to lo... ...gave Mrs. Penn a name— Sarah—in the end because she claims the god given right to be noticed and heard. Sarah Penn reminds me of another historical figure that forced a change—Mrs. Rosa Parks. Mrs. Rosa Parks decided that she was tired so she sat in the white section of the bus. Her decision to sit and her act of defiance forced us to re-evaluate Civil Rights. We were forced to know her name and realize her wrong. The power of acting out a decision gave Mrs. Rosa Parks a name and a voice that others rallied around to right a breach of contract. A decision that is made and acted upon has no other outcome but results. It forces a change to happen and sets us free from a circular trap of inaction and indecision. I decide tonight to break a cycle of indecision by calling someone. For an entire week I was thinking up reasons to call this person. For an entire week I was caught in indecision. In the middle of writing this paper, I decide to bite the bullet and call. Sure enough, I broke the cycle and received some results. The results raised some new problems—a decision of where to bring her for l unch. I will take this kind of decision over a week or wondering any day.

Comparing Truth in Death Of A Salesman and The Glass Menagerie Essay

Seeking Truth in Death Of A Salesman and The Glass Menagerie      Ã‚  Ã‚  Ã‚   Often society seeks to thwart the desire of certain people to find and/or face the truth. Examples of this are found throughut literature. Two excellent example of this are Biff Loman from 'The Death Of A Salesman' and Tom Wingfield from 'The Glass Menagerie'. At some point, they both have to face and understand the truth about their lives. Biff is faced with the lies and   morals of society obsessed with the corrupt version of American Dream, especially his father, and his inability to pursue his own goals and dreams. Tom is faced with the sad reality of life in his family and the desire to escape it.    Biff Loman grew up in a family of a salesman. He had a reasonably happy childhood, and a great school career. He was good at American Football and won a football scholarship. His father, Willy Loman, was always very proud of his son and always praised him and put him above others. Unfortunately, Willy's life philosophy was ruined by the corrupted version of the American Dream. He believed that the key to happiness is money and success and the a person does not necessarily has to work hard to attain it. Biff grew up with those ideas and they influenced him a lot. But when he caught his father with another woman, the realization of the lie and corruption turned his life around. He no longer believes in his father or the dream, and lives a... ...Bloom, Harold. Introduction. Tennessee Williams. Ed. Harold Bloom. New York: Chelsea House, 1987. 1-8. Downer, Alan S. American Drama and Its Critics. Chicago, University of Chicago Press [1965]. pp. 218-239. Hayashi, Tetsumaro.   Arthur Miller Criticism.   Metuchen, NJ: Scarecrow Press, 1969. Levy, Eric P. "'Through Soundproof Glass': The Prison of Self Consciousness in The Glass Menagerie." Modern Drama, 36. December 1993. 529-537. Miller, Arthur.   Death of a Salesman.   New York: Viking, 1965. Williams, Tennessee. The Glass Menagerie. In Literature: An Introduction to Reading and Writing, 4th ed. Ed. Edgar V. Roberts and Henry E. Jacobs. Englewood Cliffs, NJ: Prentice Hall, 1995. 1519-1568. Comparing Truth in Death Of A Salesman and The Glass Menagerie Essay Seeking Truth in Death Of A Salesman and The Glass Menagerie      Ã‚  Ã‚  Ã‚   Often society seeks to thwart the desire of certain people to find and/or face the truth. Examples of this are found throughut literature. Two excellent example of this are Biff Loman from 'The Death Of A Salesman' and Tom Wingfield from 'The Glass Menagerie'. At some point, they both have to face and understand the truth about their lives. Biff is faced with the lies and   morals of society obsessed with the corrupt version of American Dream, especially his father, and his inability to pursue his own goals and dreams. Tom is faced with the sad reality of life in his family and the desire to escape it.    Biff Loman grew up in a family of a salesman. He had a reasonably happy childhood, and a great school career. He was good at American Football and won a football scholarship. His father, Willy Loman, was always very proud of his son and always praised him and put him above others. Unfortunately, Willy's life philosophy was ruined by the corrupted version of the American Dream. He believed that the key to happiness is money and success and the a person does not necessarily has to work hard to attain it. Biff grew up with those ideas and they influenced him a lot. But when he caught his father with another woman, the realization of the lie and corruption turned his life around. He no longer believes in his father or the dream, and lives a... ...Bloom, Harold. Introduction. Tennessee Williams. Ed. Harold Bloom. New York: Chelsea House, 1987. 1-8. Downer, Alan S. American Drama and Its Critics. Chicago, University of Chicago Press [1965]. pp. 218-239. Hayashi, Tetsumaro.   Arthur Miller Criticism.   Metuchen, NJ: Scarecrow Press, 1969. Levy, Eric P. "'Through Soundproof Glass': The Prison of Self Consciousness in The Glass Menagerie." Modern Drama, 36. December 1993. 529-537. Miller, Arthur.   Death of a Salesman.   New York: Viking, 1965. Williams, Tennessee. The Glass Menagerie. In Literature: An Introduction to Reading and Writing, 4th ed. Ed. Edgar V. Roberts and Henry E. Jacobs. Englewood Cliffs, NJ: Prentice Hall, 1995. 1519-1568.

The Wolf :: essays research papers

The Wolf Destiny, perhaps from the very beginning, claimed the wolf as a symbol. Has any other animal stirred human passions the way the wolf has? Its haunting howl, its incredible stamina, its brilliant eyes, and its superiority as a predator all have been reviled as nefarious, and even demonic, traits. Ironically, these same characteristics have also been revered as belonging to a majestic, and sometimes spiritual, creature - a symbol of the magnificent, untamed wilderness. In truth, the wolf is neither evil nor exceptionally good - neither demon nor god. Wolves are simply predators. Their role as a predator must not be reduced, however, to that of savage killer. Wolves, like humans, need to eat to survive. In this process, wolves also provide a service: they help preserve nature's delicate balance by keeping herds of deer, elk, moose, and other large mammals in check, as well as keeping these populations strong and genetically viable by preying on the weak and sick. Both the idealized wolf and the demonic wolf are creations of the human mind. It is not easy to transcend the image of the Big Bad Wolf that has filled our myths and legends, but if we know only this wolf we do not truly know the wolf at all. And what we do not know, we fear. Our fear is perhaps the greatest threat to the survival of the wolf, for it causes us to react rather than act, to repel rather than respect. But this fear and hatred did not always separate man and beast Man the hunter once looked on the wolf the hunter with admiration. Man and wolf both used their keen intelligence to overcome the disadvantages they faced in their day-to-day existence. Survival for both was enhanced by hunting and living in groups or packs. And, at one time, the chance of survival for each was also increased by following, learning from, and adapting the skills of the other to its own advantage. As long as man's daily living was earned primarily as a hunter, he knew a respect for wolves, and coexistence was relatively peaceful. Eventually, man and wolf took up together in a process of domestication that brought a different meaning to their coexistence. Even while those early ancestors of man's best friend enjoyed this new relationship, the wolves that did not come in from the cold were beginning to be cast in a different and less favorable light, for the dog was not the only animal toward whom man turned his attention in the early days of animal husbandry.

World Oil Economy

Energy has been the main concern of nations looking for progress and development throughout history, oil has always been one such means of energy that is capable of sustaining the large scale development projects many nations have undertaken, the utility generated by oil cannot be substituted with the same efficiency by any other energy generation means, oil today is used in transportation, manufacturing, infrastructure development, power generation etc. All the uses of oil are so vital and important in nature that any hindrance in the supply of oil can wreck havoc in the world economic system. In recent years, we have seen the prices of oil reach to new heights and it’s an accepted fact that oil prices fluctuating always deal a blow to the economic system on a global level. Whenever there is uncertainty about oil supply due to violence in the Niger delta or political turmoil in Iran or Venezuela or due to the Iraq war. The world markets always react to it and we see a negative impact on the overall economy the prices of oil surge to record heights, such is the case we witnessed in 2008 and early 2009 until recession came into full force and due to dropping demand the prices of oil lowered considerable. But the fundamental question remained energy and the quest for energy and how the global oil economy is working having a direct and immediate impact on the economy of the world. (IEA, 2008) The reason for this issue to come to the forefront are the oil shocks and their negative effects the world has witnessed in the last few decades, it all started with the Arab-Israeli war in 1973, then came the Islamic revolution in Iran in 1979, then was the attack on Iran by Iraq and later the attack on Kuwait in 1980 and 1990, then was the operation desert storm for liberation of Kuwait in 1991, further down the line was the War in Iraq after the allegations of weapons of mass destruction being in possession of Iraq, the war in Lebanon with Israel and in recent times the Iran issue threatens to jeopardize the supply of oil to other countries of the world. Right before the recession started effecting the economies in the year 2008, the world was experiencing a very healthy growth rate, countries like China and India were booming giving a rise to demand of oil and related products which naturally played a role in the rise of oil prices In recent years due to the economic crisis we see that the price of oil experienced a massive drop from the record heights it had managed to reach, and that prompted OPEC which is a organization of oil producing and exporting countries to undertake supply cuts in hopes of controlling the price and stopping it from dropping below and acceptable level. In the last few years, OPEC has made sure that it controls the supply of oil to the market in a tight manner and the recent surge in prices gave them a windfall of profit but it should be kept in mind that the global inventory of oil is low as well and it should not be forgotten that concerns do exist about a shortage of oil in the future which will effective ly jam the growth of all countries of the world. The fact that is most interesting that the prices of oil start depicting the effects of news and speculation even before anything actually happens which is also a reason that speculation plays a very big role in oil pricing mechanisms, since the whole game is about the supply and oil deliveries reaching their intended destinations that’s the core reason that prices get effected by the news and expected events or incidents. (Jesse et al, 2008) The market does possess certain complaints with the oil producing and exporting countries as well, it has been seen time and time again that whenever there is fear that the oil prices are going to experience a big drop OPEC immediately introduces production cuts to balance the effect but on the other hand when the prices of oil hit the ceiling there is very little or almost no effort done by the OPEC countries to control the situation and hence it creates a negative feeling about these countries in the non-OPEC nations. It wont be wrong to suggest that the entire world economy is more dependent on oil and its resulting impacts then any other single factor, countries like China and India have been going through massive development and they supply their products to markets in the west as well as the east and hence the prices and fluctuations in oil prices and supply have a deep impact on these economies, on the other hand poor nations emerge as the biggest losers in case of major turmoil in oil markets. The rise in oil prices has a fundamental contribution to the increase in inflation and trade imbalances in various countries and the prices of oil start a chain effect hindering the abilities of a country to economically strengthen or at times even sustain the current economic strength. On a long term basis we witness that nations are increasingly taking interest in resources that can be used as substitute to oil, development of ethanol is one such example of work being done in alternate energy sources, another interesting observation is that most oil exporting countries are eager to maintain national control over the oil resources but such a strategy also logically leads to less investment in the sector and that’s subsequently leads to maintenance of higher prices in the near future. (Jesse et al, 2008) â€Å"In an elegant and influential paper, it was shown that oil price spikes might lead to a high degree of subsequent uncertainty that causes firms to hold up their investment projects, thereby leading to a dip in overall output. In theory, this effect could be important, though there is not yet much corroborating empirical evidence. â€Å"(Ben Bernanke, 1983) Some studies done by the IMF in 2003 suggest that a 5$ a barrel increase in oil price would lower the global output by 0. 3%, with Europe and Africa being the most effected areas since Asia, and Latin American does consist of oil exporting countries. The problem here is that the effect on fast paced developing countries is much more then as compared to other countries and secondly if we consider situation of a poor nation which is already facing a heavy import bill, the oil shock can end up being a back breaker for them with the impact being at least 4 times more intense. What makes oil products different from other commodities based on the demand and supply principle is that fact that it is used for energy purposes and the price effects for the oil producers and people who consumer oil are more difficult to be adjusted to in the short run then on the long run. Over a long run the factors induced by oil price uncertainty and the political uncertainties surrounding it can definitely be managed as societies are known to evolve over a period of time, needs and ways of getting the job done change from time to time, already we see that the world has become wary of the Oil weapon in the hands of a particular cartel which gives them an edge and a negotiating slip for their interests as they are fully aware that the dependence of the world is on the recourses provided by them. (IEA, 2008) In relation to the countries which are heavily dependent on oil to meet their energy requirements the picture is not so good, as they are so dependent on oil even short run fluctuations have a major impact on the position of their revenues, Oil industry requires massive investments to setup and a long lead time is involved in making the ventures profitable this situation further complicated by oil price fluctuations make it a risky venture. One option for them is to try and diversify the risk they are taking by the sharing of the costs involved with countries they are allied with or the private sector, the existence of oil stabilization funds in countries like Norway can be made of use to stabilize the shocks arising from volatile fluctuations. (Rogoff, 2006) Another good measure will be for other countries to exercise much more flexible monetary policies, countries that are into commodity manufacturing export like South Africa, New Zealand, Australia allow their exchange rates too adjust accordingly with the fluctuations in the prices for the commodities they export. Similarly oil producing countries will be able to induce exchange rate flexibility helping to avoid the sudden deflation that normally occurs. Another question that comes in every individuals mind is how long will the oil reserves last, every now and then we get estimates providing deadlines like oil will run out in about 50 years time or 100 years time but the fact is we just cant be sure about it, there is another circle of thought that believes that with the developing technology and sophisticated methods it will be possible to discover more oil reserves which may last for a very long time. Recently questions did arise about the size of reserves of particular countries or large corporate entities like Royal Dutch Shell but the point to be understood is the oil industry is covered with various complexities like the large scale work involved in identifying potential spots for oil reserves, undertaking massive investment to explore the marked areas and then judging the size of underlying reserves due to all these factors the experts tend to prefer taking a conservative approach instead of going full board and then coming up with disappointing revisions knowing perfectly that the prices of oil are directly effected by the discovery of new reserves. (Jesse et al, 2008) The Political side of the Oil game can never be ignored or downplayed since it’s a major factor, for countless years the world oil industry was being ruled by a limited number of corporate giants operating in collaboration and keeping away from each others territories all over the world. The companies h ad been able to obtain large number of areas in oil rich countries as their turf and were allowed to operate freely. These corporate entities were operating like state’s functioning within state’s, their roles and ways of functioning have been documented on various occasions by investigative studies and new findings continue to arise on a more regular basis. These companies were allowed to use their massive budgets and resources to influence the elected officials in many of the countries and at certain points even gain outcomes in the political and legal arenas as per their wishes. What resulted from this strong influence were the fantastic terms of agreement and other concessions these companies were able to obtain with ease furthermore they were also able to protect the industry from nationalization policies which were attempted in various countries as well. (Mitchell et al, 2001) Although today the situation is different from what it used to be as many countries have preferred to operate in the oil industry only with their nationally run entities, but there are other countries which seem to be opening up to international entities and the need to tight regulation and control arises from this situation if the mistakes of the past are to be avoided. It can also be said that the roles of the past have been somewhat reversed in current times, these days companies face far stringent regulations and terms to be met with by some of the countries. On other hand we can also see the example of sanctions imposed by the US on certain oil rich countries which directly hinders the American oil companies from undertaking any research and development of oil reserves in the territories being blocked by the American sanctions. It is important to understand that in recent times the situation in the World oil industry has experienced a significant shift from what it used to be, the companies have started taking a more professional and business oriented approach, negotiations are done on the basis of mutual benefits. (Borenstein, 2008) Concerns about the future supply and availability of oil due to political reasons arise every now and then but it is very important to understand that the countries producing and exporting oil cannot hold it and disrupt supply for long periods as they themselves are significantly dependent on revenues generated from oil they sell in the world markets so any disruption can only be of a very small amount of time and not something very substantial to be a matter of great concern. (Jesse et al, 2008) In relation to the growing demand of oil, it is predicted by many researchers that the oil prices will remain high but the high prices should be considered a permanent change in fact the growing awareness of substituting oil and energy based resources should be kept in mind as we know today that large amounts of coal reserves do exist which have not been discovered or are not being utilized at present, such alternative energy resources if brought into action in the future in large scale projects will definitely make the prices of oil dip significantly knowing that the current dip in prices is only because of the recession and demand drops being experienced all over the world, but the recession is temporary and it will pass but the situation will definitely become much more interesting when the alternative energy resources are brought into the market scenario. Obviously the level of oil supplies cannot be sustained indefinitely and some data obtained form research on this topic comes very handy here. (Kate et al, 2008) In the month of November 2007, the World Economic Outlook 2007 of the international energy agency came up with a finding that was alarming for everyone, stated that a â€Å"supply side crunch leading in the period to 2015 involving an abrupt escalation of prices cannot be ruled out , the findings further suggested that due to short term inelasticity a demand supply gap could open up a gap of about 13. 5 million barrels per day in the span of coming seven years, we also saw similar warnings coming from the CEO’s of Chevron, Total and the royal Dutch shell† Interestingly the paper attributed these findings to be more related to the economic and political circumstances around the world that could hinder the exploration and development of new reserves which are fundamental to the world oil economy. Furthermore the paper goes on to state that the methods being used to calculate the current oil reserves in the world are variable and have the tendency to be incorrect which creates confusion since no comprehensive and accurate system exists till this point, most of the figures being quoted are nothing more then reasonable guesses. (IEA, 2004) In terms of the future outlook looking at the world political and economic situation it seems unlikely that a positive platform may get developed for wide scale exploratory and development work in potential spots around the world in search for oil reserves which basically advocates to the fact that the world maybe heading towards another oil price shock. The paper sums it up as that although oil reserves may not run out any time soon and it wont be an abrupt affair as well, the reserves may last for quite some time before the crisis is at our doors but the it is important to develop a system to foresee any undesirable development and take steps to neutralize it before it triggers a crisis which could be one of the worst ones the world is going to see, and like it was suggested that the OPEC countries seem to be taking a lethargic approach towards development of new reserves for the future generation and this needs to be corrected and a more active approach is required from all the parties involved. (Jesse et al, 2008) A study done in the Netherlands also came up with some very interesting findings which are mentioned below: The study suggests that if the world economy was not hit by the recession then at this point in time the prices of oil could have reached a whooping 200$ a barrel due to supply constraints, it is also suggested that after the recession such a situation of supply constraint and high prices could last well for a decade at least. (Barry, 2005) According to this paper, â€Å"Due to the supply strain the oil prices will oscillate between two variables: a) The cost of the marginal barrel of supply as determined by the most expensive barrel plus a margin for supply/demand fundamentals and geopolitical risks, driven by open markets in an OECD economic framework, and ) The real User Value of oil – determined by increasingly closed markets (for new reserve exploitation; for bilateral oil trade flows; for refined products), as supported by several of the major OPEC countries and Russia. â€Å" The two options above are distinctive price regimes and as mentioned in the paper the prices wont follow one single regime entirely in fact with changing trends an conditions each of the two regimes will come in play time and time again. Some other factors in relation to it are about the oil futures market as it is the indicator and signaling mechanism of the future prices of oil in the international market. From a traditional point of view high prices of oil should encourage producers to develop and supply more expensive oil and benefit from the high prices but we have not seen any such scenario developing instead the prices are just a test of the consumer behavior towards the changes and the resulting demand. Due to the political and social situation an uncertainty lingers and when such times of great uncertainty are in effect either the price really shoots up or shoots down depending on the conditions. We have already seen the prices shoot up drastically in the last year 2008. It should be understood that although in the short term the actions and reactions of speculators may have an impact on the oil prices but they have no impact in the long run and in the case of current oil prices it is the long run which is the driver behind the volatility. (Kate et al, 2008) In a period of less the 15 years the consumer base for oil has doubled, the situation has changed rapidly from what it was in the early 1990’s, Countries like China and India plus the other developing nations have substantial energy requirements which is naturally dependent on oil, further more the increase in the demand for oil was not exactly being matched by new discoveries of oil reserves resulting in a scenario where we have an extreme strain on the oil industry and the struggle of the industry to provide sustained supply can be understood. Although high oil prices do have an impact on the growth globally but the rate of responsiveness to high prices has not been as substantial till now, at present oil has become a necessity to meet fundamental energy requirements and the absence of substitute resources on a mass level is mainly responsible for the situation. In any given scenario we see that oil will remain the fundamental and the most basic resource for meeting the glob al energy requirements at least for a few decades. The recently revised figures by the international energy agency show that over the next 22 years the supply of oil will only increase at half the pace then it was originally anticipated to which will be about 13 to 18 million barrels per day as compared to previously anticipated 29 million barrels per day. The figures further suggest that the development and discovery pace of new oil reserves and supply of new oil to the market will require serious efforts if the world demand for oil has to be met and a global energy crisis has to be averted. The scenario suggests that if some drastic discoveries are not made, oil rationing will be done in countries to accommodate the need for growing and developing countries, further more countries will have to take effective steps in withdrawing oil products subsidies without triggering massive inflation so as to curb the growing demand for oil. A fierce battle will also begin for domination over scare resources, this can range from tough price wars to even geo political tensions and ultimately even leading to wars. A deep and prolonged recession can be one of the likely outcomes if an energy crisis takes the world in its grip. Quickly shooting up oil prices may not be the only fate the world may face if countries which are non-OPEC but they do possess significant oil reserves step up to the plate and in collaboration with major oil consuming countries make the oil available in the international market, currently these resources are not being developed and made use of due to the massive investment needed in developing them and the uncertainty relating to demand, not to forget the economic crisis the world has been gripped by. If these countries are able to collaborate and make use of the idle resources then the predictions of massive rise in oil prices in the next decade will fade, although the prices of oil will rise in the future but in a more orderly and controlled fashion without causing any economic turmoil or crisis. (Kate et al, 2008) Steps and measures will be required to change the scenario from an Oil supply constrained condition to a more energy sustainable globe. It is a fact that the world needs time to adapt itself to new measures and steps to reduce the dependence on oil and use the latest technology to develop renewable energy resources and supplement oil with the alternative fuels so that the strain on the oil supply be relieved. Iraq is one of the major producers of oil in the world but the Iraqi oil producing and exporting capacity has been negatively affected by the constant turmoil and violence in the country, if the conflict is resolved and the violence subsides then the capacity development and supply by Iraq can play a big role in calming the international oil market. (Kate et al, 2008) What needs to be understood that the size of the world oil economy is huge, it produces about 84 million barrels a day which is a huge size by any metrics. A resource being generated and utilized on such a large scale cannot be substituted over night, it will take a very long time for any viable alternative to be developed and for it to be available in a mass quantity. Only suitable alternatives being developed by using latest technology are the 1st generation bio fuels and by the estimates it becomes clear that although the supply and size of this option will increase but there will be no dramatic and significant rise in the bio fuels to have a big impact on the strain being experienced by the oil supply side. In recent years we have seen attempts made by geo-economic layers to secure access to oil reserves by getting into understanding with oil producing countries not just by business to business contact anymore but by a government to government contact. The importance of geo-politics and international relations can not be ignored In this scenario when the challenges to transform the world into an energy sustainable entity are mammoth and the complexity is expected to increase we set forth on the path to reforming the world oil economy. We see that the world is in the grip of a credit crisis, very high rates of inflation, imbalances in the balance of trade and a weak dollar, many economies are suffering from the resulting recession and they will find it very difficult to incorporate new measures to adapt themselves to the new situation that has arisen today. The recent windfall earnings made by the oil producing and exporting countries is also something that brings them to the forefront in the global arena, it remains to see whether these funds are used to develop new oil reserves so that the strain on the current reserves is reduced or these funds are withheld and used for other purposes. (Kate et al, 2008) The geographical and political tensions are already on the rise in the quest for energy and resources, specially since these recourses are in the hands of a small number countries with high concentration, the question that arises is whether the oil exporting countries and the oil consuming countries will be able to collaborate and co-operate with each other to turn the situation towards an energy sustainable environment or will things take a turn towards the worse resulting in conflict and competition for the dominance over resources by all means necessary. The situation will of course be dependent on the condition of the gap in supply and demand the level of growth being experienced in the world. Confrontations can be expected between these countries as one group will be of the countries holding the keys to al the resources and the other group will be the one in need of these resources. In recent times we have also seen threats by countries like Iran to not only halt petroleum supplies but also block the channel through which oil is supplied to the rest of the world from the middle east, this is one scenario which we are likely to witness incase there is war in Iran. In recent times King Abdullah of Saudi Arabia invited oil consuming and producing countries to the Jeddah summit to discuss the developing situation in the oil markets and the impact of oil prices on the world economy. Hopefully this can be the start of the collaboration and co-operation hoped for between the countries to a better tomorrow.