Get paid to write essays online
European Imperialism Essay Topic
Thursday, August 27, 2020
Limestonr Doorway From the Palace essays
Limestonr Doorway From the Palace articles During the Nineteenth Dynasty a large number changes began to occur in Egypt. In the year 1225 BC King Ramses II had kicked the bucket at the time of more than ninety leaving the seat to his thirteenth child Merenptah (IV.150). When Merenptah started his standard he was a ways into his later years throughout everyday life, roughly in his mid fifties. Despite the fact that Merenptah just ruled for around ten years, his days were filled will both fight and celebrate numerous that have formed antique symbolism that has been revealed inside the previous century. One specific relic that I might want to depict can be found at the University Museum of Archeology and Anthropology at the University of Pennsylvania. The piece is a limestone entryway from the royal residence of King Merenptah at Memphis (see Appendix A). This piece speaks to one of six indistinguishable entryways in King Merenptahs castle. The entryway is secured with hieroglyphics that recount to numerous accounts of Merenptahs life and emblematic highlights of Egypt. Before I can portray the subtleties of the symbolic representations, a concise history of Merenptahs rule ought to be told. This history creates when the lord got down to business, through his numerous fights over past hard feelings and regional areas, and where and how he passed on. When Merenptah took over as the head of Egypt, his dad Ramses II had left numerous regional fights incomplete and in debates with outside national pioneers. Records show that after Ramses II spent, no wartime flare-ups happened quickly, however only three years after Merenptah expected rule there was an across the board rebel against the new ruler (I.465). A few gatherings asserted war against Egypt remembering a gathering for Asia, the Yenoam and Gezers in Ajalon, and the Askalons at the entryways of Egypt. Notwithstanding the lords mature age, Merenptah took on conflicts against the Yenoams, Asians, Askalons, Gezers, and furthermore the Hittiles who were an incredible adversary of Ramses II. All fights were effectively won and the ruler had picked up the r... <!
Saturday, August 22, 2020
Statue Of King Chephren Essay Example For Students
Sculpture Of King Chephren Essay The exceptional sculpture of King Chephren is a perfect work of art of model in the round. This work is 168cm tall, 96cm long and 57cm wide, which was the rough size of the ruler. The craftsman who made this figure is obscure, as it was discovered when Mariettes laborers were investigating the favissa of Chephrens valley sanctuary in 1860. The sculpture was worked during the rule of King Chephren, which students of history gauge endured from 2540-2505 BC. The sculpture is a cut square of Diorite, a granular crystalline molten stone. This work can be found in the Egyptian Museum in Cairo Ground Floor, room 42, or on the off chance that you can't visit Cairo, pictures of the work can be found in the Official Catalog of The Egyptian Museum of Cairo pages 64,65 Chephren was the child of Cheops. The enthroned ruler rests one hand level on his knee while he holds a collapsed bit of material in the other. He wears a nemes crown with argued lappets. Joined to his jaw is the indication of his poise, the stately facial hair. He is likewise wearing a shendjyt, a kind of short creased kilt. Two lions bolster the lords seat, one on each side. The two lions are to give the lord both force and insurance. On each side of the seat the theme of the solidarity of the two grounds, or sema-tawy, is scratched in high help. The sema-tawy, is made out of the heraldic plants of the Two Lands. Lilies, for the south, and papyrus, for the north, are hitched around the hieroglyphic sign for association. The sculpture of King Chephren contains suggested detail, implying that not many lines in the correct positions can compensate for a totally finished work. This component makes your eye start at the rulers face and move around the sculpture, without being befuddled by over the top detail. The seat is raised about a foot over the ground level, so the ruler would show up increasingly amazing to admirers bowing before the sculpture. The work is secured with imagery, including the insurance of the lions, the sema-tawy, and the bird of prey, Horus, God of the sky, roosted on Chephrens back ensuring the rulers head with his wings. Barring the way that one hand is gripped in a clench hand and the other is laying on his knee, the work is even. This work was developed between the years 2540-2505 BC during the rule of King Chephren to laud him as an incredible leader of Egypt. Nobody knows precisely when the work was etched or who may have partaken in the formation of the sculpture. The Great Sphinx and the second pyramid in Giza were likewise made during Chephrens rule, making it an extremely prudential piece of Egypts imaginative history. I was flipping through a book of antiquated Egyptian craftsmanship attempting to discover a piece to investigate when my finger slipped upon the sculpture of King Chephren. A large portion of the Egyptian sculptures were developed of limestone, however the sculpture of Chephren was made of a dark stone, which quickly grabbed my eye. I discovered that it was Diorite and is a lot harder than limestone, and progressively hard to work with. The work is extremely stunning. Clearly the specialists that took a shot at it was exceptionally gifted and more likely than not made other extraordinary attempts to be endowed with making the Kings picture in a sculpture. I regard the time, exertion, and ability that more likely than not gone into such a work, yet Im not profoundly moved by the piece. The sculpture doesn't identify with me and along these lines I can not grasp it and the entirety of the importance and imagery it might have once needed to old individuals.
Friday, August 21, 2020
Help Write My Essay - How to Help Write My Essay
Help Write My Essay - How to Help Write My EssayYou want to help write your essay, but you don't know where to start. There are some guidelines to follow to ensure that you understand the whole process of how to help write your essay. This will take the pressure off and make it much easier for you to figure out how to get the results you want.To begin, what type of person are you that would be looking for help? This is probably one of the most important things to consider. If you have a friend or a family member that has trouble writing and needs someone to listen to them with a helping hand. Your friend or family member may not need full on writing help but may be able to use some pointers from you on how to help write their essay.How old are you and what type of class do you attend? This is another factor that can help you in choosing who to help. Some students are good at writing an essay while others struggle with it. Both of these types of people will need help and you should be able to give it to them.Do you know about the different types of essay that are available to students. There are some types of essays that are not often used such as the class summary, bibliography, conclusion, bibliography, etc. These are all great topics to get into and help students get a better idea of what they are doing before they write the entire thing.What is your goal when helping to write your essay? This will show you the way you should go when writing. Students need to be aware of their goals when they are doing this so they can see the direction they should be going in.What is your biggest challenge when it comes to helping write your essay? This is a big thing to consider. There are different levels of difficulty to these different problems. Students should know how to write their essay so that they will be able to help it reach its goal.When you are starting to help write your essay, you may be wondering what to do next. It is important to get the student motivated. They need to feel as though they have value to the assignment. They should have a rough draft done and can see how good they are at doing it.A student can come up with a new idea when they are helping out to write their essay. The best advice to give them is to keep it simple. Any complex rules that you add can be confusing and have a negative impact on the whole essay.
Monday, May 25, 2020
How Race And Gender Affect On Identity - Free Essay Example
Sample details Pages: 3 Words: 766 Downloads: 10 Date added: 2019/06/14 Category Literature Essay Level High school Tags: Their Eyes Were Watching God Essay Did you like this example? In Their Eyes Were Watching God, Zora Neale Hurston explores the effects of race and gender on developing oners identity. There is often a discrepancy between personal identity and the identity formed exogenously by members of society, which makes it difficult to develop a true understanding of oneself. In Hurstonrs novel, Janie is able to move past the opinions society have of her and become the woman she wants to be after being subjected to the limitations society had placed on her for being a black woman. Donââ¬â¢t waste time! Our writers will create an original "How Race And Gender Affect On Identity" essay for you Create order The story illustrates Janiers struggle to find her own voice and realize her dreams through three marriages and the hardships of being a black woman in America in the early 20th century. Hurstonrs symbolic use of the mule, a pear tree in blossom, and Janiers hair illustrate the development of Janiers womanhood and independence, as well as her ultimate triumph over the constraints of society. Despite the shackles society may try to place on an individual based on gender and race, one can still develop his or her identity. The image of the mule appears as Nanny tells Janie that black women are the mules of the earth, meaning that they are the lowest creatures, used by others. ?De nigger woman is de mule of de world so fur as Ah can see. Ah been prayin fuh it tuh be different wid you. (Hurston 14) Hurston uses the image of the mule as a way of saying that Janiers identity is submissive to the opinions of society. bond that of how others want her to be. Nanny projects her own fear of the instability she herself experienced as a black woman in America onto Janie. As a result, she herself attempts to mold Janie into a life that she-Nanny- believes will help her be successful in life. However, Nannyrs views which are shaped by society, in turn, suppress Janiers identity. Janie then becomes a tool and object for Nanny to use, similar to that of a mule. During Janiers time with Joe, he puts her high up on a pedestal so that she is inaccessible to the other men who are pining after her. When Janie is forced to conceal one of the greatest aspects of herself her hair she has no hope of flourishing under Joers domineering hand. Janies reluctance to conceal her hair indicates her desire to be loved and accepted by the community as who she isall aspects of her personality includedrather than as who different individuals want her to be. After Joe dies, Janie goes to the mirror, sees the woman she has become and tears the kerchief from her head and [lets] down her plentiful hair (Hurston 106). She takes in the image of her true self wildly independent but ultimately ties her hair back up again. This time, however, it is her decision to do so. Joers death also frees Janie from any inclinations to herself to otherrs belief of how she should be. From this point on, Janie decides to live for herself and embrace the power that lies within as a women. A blossoming pear tree is used to symbolize Janiers transition from budding sexuality to womanhood. The pear tree metaphor is used when Hurston describes Janiers marriage to Joe Starks; Janie realizes that a husband must love and respect his wife, as a bee respects the blossom it pollinates. She saw a dust-bearing bee sink into the sanctum of a bloom; So this was a marriage! (Hurston 34) There is a symbiotic relationship between a bee and a flower, just as there should be a symbiotic relationship between husband and wife. Both parties benefit in the relationship in some fashion. For Janie, she expects to be loved and empowered by the relationship not to be smothered by it. However, society views that women should be submissive and defer to their husbandrs judgment prevents Janie from confronting Joe about the abuse he inflicted on her until the end of their relationship. Based on the time, a man controlled the identity of his wife. There were not equals. It is only after Janie truly embraces her womanhood and individual spirit that she can let true love into her life. As Hurston describes it, people are the mule of the world, but they also contain the power to overcome the burden placed on them by society and gain control over themselves. In the face of an obstacle that seeks to dampen oners individuality and identity, one can rise above the constrained views of the people around them and embraced the person they want to truly be.
Friday, May 15, 2020
A Study On Acquired Immunodeficiency Syndrome - 1502 Words
A. In which way are the different? Acquired Immunodeficiency Syndrome usually known as AIDS is a virus that is highly prevalent over all continents. AIDS is known to fail the immune systems which leave people susceptible to disease such as cancer (Health Canada, 2011). This infection has been around for many years, and there is no cure. Many studies and experiments have been conducted to find a solution to the virus, but there has not been any luck in the research for the cure. Activities that place people are a risk of contracting this disease include unprotected sex, sharing needles, and through pregnancy (Health Canada, 2011). The Canadian government is aiming to reduce the spread of AIDS and help those with the infection. The government has set up clinics for those carrying the virus to go into for check ups and to talk about what they should be doing to stay healthy and prevent passing the disease on. On the other hand, we have Ebola which differs a lot from AIDS. Ebola, once known as Ebola Hemorrhagic Fever, is a very dangerous and deadly disease. Altogether there are five known Ebola species of which four are known to humans (Centers For Disease Control and Prevention, 2016). This includes Ebola virus, Sudan virus, Taà ¯ Forest virus, and Bundibugyo virus (Centers For Disease Control and Prevention, 2016). Ebola was first discovered in the Democratic Republic of Congo in 1979 by the Ebola river, and many scientists believe that bats are the reservoir (Centers ForShow MoreRelatedHuman Immunodeficiency Virus And Acquired Immune Deficiency Syndrome1477 Words à |à 6 PagesHuman Immunodeficiency Virus a nd Acquired Immune Deficiency Syndrome In 1981, the first cases in the United States of Acquired Immune Deficiency Syndrome (AIDS) developed in Los Angeles and New York (Fraser, Burd, Liebson, Lipschik, Peterson, 2008). The illness presented itself among several homosexual males who developed rare opportunistic infections such as Pneumocystis carinii pneumonia and Kaposiââ¬â¢s sarcoma (Sharp Hahn, 2011). At the time, medical professionals deemed the infections to beRead MoreHiv And Human Immunodeficiency Virus Essay1208 Words à |à 5 Pagesaffected the world relentlessly for many years in a never-ending circle. HIV, or Human Immunodeficiency Virus, is the virus that is spread through certain bodily fluids and can lead to AIDS (Acquired Immunodeficiency Syndrome). HIV attacks the immune system by destroying CD4+ T cells, which leaves the person infected with HIV vulnerable to other infections, diseases, and other complications.1 Once this virus is acquired, the human can never fully rid itself of this pathogen. If left untreated, HIV reducesRead MoreHuman Immunodeficiency Virus ( Hiv )1359 Words à |à 6 PagesThis paper explores the human immunodeficiency virus (HIV) as well as the simian immunodeficiency virus (SIV). The virus has infected two million adults and children by the year 2005 already. The virus continues to race around the world, and new HIV infections are at 50,000 per year (Martine Peeters, Matthieu Jung, Ahidjo Ayouba) (2013). The final outcome of the HIV infection is Acquired Immune Deficiency Syndrome (AIDS). There are many treatments that have developed to help the large numberRead MoreModern Day Methods Of Contracting1113 Words à |à 5 Pagesdown and defines what SIV is, the different subfields involved, and which species they originate from. The zoonotic transmission of the SIV virus from these non-human primates is discussed as well. As a result of these transmissions, the human immunodeficiency virus is brought to life. In this paper, this virus and its journey throughout history will be explained. Also, HIV and the different subfields this virus can be classified in are discussed throughout the research. As well as the where thisRead MoreThe Importance Of Protein Energy Malnutrition776 Words à |à 4 Pagesindividualââ¬â¢s diet during recovery. Conversely, severe deficiency in relevant nutrients would also decrease resistance to infections. Scientific studies have proven that nutritional deficiencies decrease immune function and frequently result in severe infections and in certain cases lead to death in children. In this regard, protein-energy malnutrition and Iron deficiency attract the greatest health concern. Proteinââ¬âenergy malnutrition leads to a reduction in phagocytic cells, secretory immunoglobulinRead MoreHiv And Its Effects On Children1149 Words à |à 5 PagesHIV What is HIV? HIV stands for human immunodeficiency virus. Infection by this virus frequently leads to AIDS ââ¬â acquired immunodeficiency syndrome. Viral infection initially causes a flu-like illness characterized by fever, sore throat, headache, rash, gastrointestinal discomfort, and body aches (mylagias). The virus tends to stay dormant for months or years while it is slowly killing immune cells ââ¬â especially CD4 cells. Individuals with high viral loads and low CD4 cell counts have high viralRead MoreThe Impact Of Nurses And Advanced Practice Registered Nurses925 Words à |à 4 Pagesof Nurses and Advanced Practice Registered Nurses Nurses are the first health care professionals that patients meet in a health care setting. The nurses have a major impact on the patients. A condition like Human Immunodeficiency Virus (HIV) infection and Acquired Immuno Deficiency Syndrome (AIDS) has a major stigma with it. In the past, the stigma of HIV/AIDS was higher among people due to the cultural, social, and religious reasons. The AIDS certified registered nurses and other nurses can helpRead MoreEffect of HIV Virus on the Immune System657 Words à |à 3 PagesDiseases Progression: Effect of HIV Virus on the Immune System Name Institution of Affiliation: Diseases Progression: Effect of HIV Virus on the Immune System Human Immunodeficiency Virus, abbreviated as HIV, is a virus responsible for a body condition referred to as Acquired Immunodeficiency Virus (AIDS). AIDS describes a state of the body whereby defense mechanism of the body against all infectious agents malfunctions. There is a gradual but constant loss of the body cells responsible forRead MoreCausative Organism:. Leishmaniosis Is An Ailment Brought1670 Words à |à 7 Pagesneed expanded in late quite some time because of expanded global leisure- Also military-related travel, human modification about vector habitats, and accompanying Components that build susceptibility, for example, such that spoiling for human immunodeficiency infection (HIV) Furthermore hunger. With the special case about Australia, the pacific Islands, What s more Antarctica, the parasites need been distinguished All around extensive portions of the reality. Old world confined cutaneous leishmaniasisRead MoreHow Hiv Is Transmitted From One Individual988 Words à |à 4 Pagestreatments available to affected individuals to prolong and enable them to live a healthy life as there is currently no cure for HIV; and finally the psycho-social aspects involved in HIV infection including fear and loss, hopelessness, helplessness syndrome, guilt a in relation Andrew and his family Viruses A virus is a tiny obligate intracellular parasite which has its RNA or DNA genome surrounded by a protein protective coat1. A virus may be viewed as a movable genetic element1. For integration and
Wednesday, May 6, 2020
Descriptive Essay - Original Writing Essay - 1318 Words
As soon as I said those words he grabbed me and passionatly kissed me so aggressive but sensual all at the same time. I could feel myself melting into him, as if he was sucking my soul right out of my body and into his. All that time exchanging e-mails created a huge build up that was finally released. He backed up and said hmmm your lips taste so sweet. I didn t even have a chance to reply when he pulled me back in for another soul sucking kiss. I start ripping off his clothes as we continued to kiss. Trying the best I could , I felt like I was panicing just grabing and pulling off whatever I could. He then spun me around, grabbed my hips very firmly and pushed himself into me and whispered in my ear, you feel that? hmmm? You want that?. Yes I softy said. He grabbed the back of my hair, gently tiping my head back and said I didn t hear you, say it again. YES! YES! YES!, I shouted. Good girl, he answered how bad do you want me to fuck you he said then ran his tounge do wn my neck , pulling my hips into his even more. Bad, really fucking bad, I said. He moaned a bit , with one hand holding on to me and the other running over my whole body like he was trying to memorize every inch of me and said Yeah? He then bent me right over the end of the bed and pushed himself inside of me. The amount of ecstay I was feeling at that very moment was astounding. I haven t felt like this so long, the excitement, the rush, the pleasure , the lust. AsShow MoreRelatedDescriptive Essay - Original Writing1110 Words à |à 5 PagesI donââ¬â¢t know how I got to where I am, but Iââ¬â¢m here now, and I have to win if I want to live. I am in a game, and in order to live, I have to escape. Thatââ¬â¢s the thing, though: I donââ¬â¢t know how to escape. I was running for my life around this old house that looked like it came straight out of a horror movie. I doubled over and held my head in pain as I saw the static, which meant it was coming. I was being ch ased by what looked like a person but in no way acted like one. Just as it was about to appearRead MoreDescriptive Essay - Original Writing1102 Words à |à 5 PagesIt is on days like this when we stop to think about our life. Small drops of rain begin to dapple the cobblestone pavement as people whip out their umbrellas for cover. I continue sauntering down the busy street, relishing the feeling of a light shower. Moving with the mass of pedestrians, I stop at a crosswalk where I wait for the stoplight to turn green. A flower shop employee across the street scurries to bring in the numerous bouquets and close the doors as rain starts rolling down the displayRead MoreDescriptive Essay - Original Writing914 Words à |à 4 PagesDreamy I thought. Standing on the corner is a young guy with a smile. I see him here almost every day, so I linger for a while. He tells me his name, and I tell him mine. I m Ester, what s your name? I enquired. My names David .,He replied. We end up ta lking for a while and I asked him if he had ever left this city. He tells me of all these stories of the places where he s been, the distant lakes and mountains, and in valleys oh so green. I can see it in his eyes, he really has beenRead MoreDescriptive Essay - Original Writing974 Words à |à 4 Pages I was used to moving round, having a mother who liked to travel more than making roots was something I had gotten used to. Still, I had never gotten used to the loneliness of an empty house when she was out exploring, or the feeling of leaving behind someone who could have meant something to me. Our most recent move was Oregon. It was pretty, and I didnââ¬â¢t mind it, but it was much different than Florida. Not only was it opposite sides of the country, it felt as if it were opposite worlds. InRead MoreDescriptive Essay - Original Writing1012 Words à |à 5 Pageshave plenty of time in the next month to think about my feeling in regards to Kendrick. I needed to finish up the article and get it off to my editor. I should be able to get it done by tonight and send an email in the morning. I was thinking of writing my next article about the sea life around the Scottish coast. Since our salmon dinner last evening I thought I would do a piece about the commercial salmon farming that began in Scotland in 1969. In 2002 over 145,000 metric tons of farmed AtlanticRead MoreDescriptive Essay - Original Writing1561 Words à |à 7 PagesThereââ¬â¢s something I need to say and what follows may not be something that youââ¬â¢d expect, it wonââ¬â¢t be heartening or uplifting. If you remember today, I told you about going somewhere I wanted to go toâ⬠¦ Iââ¬â¢m not sure if you believed and accepted what I now confess as untrue; it is partly. I needed to pull away emo tionallyâ⬠¦ from you. You must have had fathomed that some degree of formality had seeped between us. Born of habit, formulaic greetings had become a routine. You presume that Iââ¬â¢m a close friendRead MoreDescriptive Essay - Original Writing1387 Words à |à 6 PagesI was wearing a beautiful blue dress with sapphire gems all around the chest area as I entered the ball with Ciel and Sebastian. I took a good look around here, the hallway was lined with gold. There was a servant ready to escort us to the ball room. Hello, come this way. He said, walking forward. Wow, this place is so fancy! I exclaimed, looking around. It s fake gold. Ciel bluntly replied, bringing my hopes down. I sighed. Ciel sounded like he wasn t in a very good mood. Ciel, lightenRead MoreDescriptive Essay - Original Writing1287 Words à |à 6 Pages In the morning, Caireann woke me up. She stood above my bed, shaking my shoulder. I opened my eyes, looking at her. Then I looked across the room to her empty bed. Andy s empty bed sat in the corner. I swallowed, climbing out of bed. Sleep well? Caireann asked me, starting out the door. Yeah, I said, going over to our small dresser. I had the bottom two drawers. Andy had the middle two, and Caireann had the top. I pulled open the drawers, pulling on a colorful tank top and a grayRead MoreDescriptive Essay - Original Writing1345 Words à |à 6 PagesLater that night, I was behind the wheel of my G-Wagon with Melissa in the passenger seat. She didnââ¬â¢t feel like driving since she was on the road all day and I understood so I didnââ¬â¢t mind when she asked me to. I had been tight-lipped. She kept eyeballing me as if she detected that something was bothering me but I just kept singing to my India Arie as if I was carefree. ââ¬Å"So are you going to tell me whatââ¬â¢s going on or noâ⬠Melissa said disrupting my own personal concert. I stopped singing and tookRead MoreDescriptive Essay - Original Writing1085 Words à |à 5 PagesI WAS SITTING IN a taxi, wondering if I had overdressed for the evening, when I looked out the window and saw Mom rooting through a Dumpster. It was just after dark. A blustery March wind whipped the steam coming out of the manholes, and people hurried along the sidewalks with their collars turned up. I was stuck in traffic two blocks from the party where I was heading. Mom stood fifteen feet away. She had tied rags around her shoulders to keep out the spring chill and was picking through the trash
Tuesday, May 5, 2020
Prices and Markets for Crude Oil Fluctuations - myassignmenthelp
Question: Discuss about thePrices and Markets for Crude Oil Price Fluctuations. Answer: Introduction Crude oil is one of the most economically important resources of the world. The economies of many countries are heavily dependent on the production and export of crude oil, while others need to import the oil for energy production and running the transport and other industries. According to a report by Majumdar (2016), oil and gas satisfy more than half of the worlds demand for energies. OPEC, the intergovernmental organization consisting of 14 nations, controls the prices of oil and all the oil trade related activities. The main objective of OPEC is to supervise and regulate the supply of the oil to the consumers and keeping the market stabilized (Griffin and Teece 2016). The price of crude oil has fluctuated significantly in the past two decades. Similar to the prices of any other consumer good or service, the price of crude oil also depend on the demand and supply of it. As stated by IMF (2015), if the price elasticities of demand and supply are low, then the disturbances in either side of the market can lead to sharp fluctuations in the oil price. During the period between 1998 and 2018, the demand for oil has been affected by negative revisions of the global economic prospects, while the supply of oil faced disturbances from armed conflicts, strategic shifts of some parts of the OPEC countries, new discoveries of oil fields and new extraction technologies. In this paper, the economic analysis will be done to highlight various aspects of the crude oil price fluctuations between 1998 and 2018. The reasons for price fluctuations, various aspects of the exchange process, the pattern or trend of the variations, factors affecting market outcomes and its impact on the global economy, and if there is a scope for government intervention will be discussed. Economic analysis Factors influencing crude oil price variations According to a report in Oil and Gas Financial Journal (Ogfj.com 2017), the major factors for crude oil price fluctuations are as follows: Dynamics of demand and supply: In the period between 2010 and 2014, the rise in oil prices can be attributed to the supply crunch from the conventional oil production fields. This resulted in higher income for the upstream organizations and investors. This extra capital was invested for exploration and development of new and unconventional sources of energy, like the shale and tight oil. Success in those ventures led to a fall in the conventional oil prices in 2015 and onwards. World economic growth: Since, the demand for oil is dependent on the growth of many important industries in a nation, such as, electricity, transportation, shipping and manufacturing, hence, the global growth in the industries resulted in higher demand for the oil, which has caused the prices to soar high (Sodeyfi and Katircioglu 2016). Appreciation of USD: The oil trade is done using the global currency, that is, the USD. The USD has appreciated significantly during this time, resulting in increasing the cost of oil imports and decreasing the price of exports. OPEC policies: To stabilize the oil market, OPEC has decided to cut down production of oil, with effect from January 1, 2017 and this is expected to help the price move upward slightly in 2018. Geo-political events: This is an important factor that can affect directly the supply and distribution of oil across the globe. World crisis in the oil producing countries not only increase the price of the oil, but such events can also result in loss of output, disruption of supply, and inefficient market. For example, Arab Spring, that is, unrest in Libya, Tunisia and Egypt, is to some extent responsible for the oil price hike in 2011-2012 (org 2015). It has also been highlighted that, the oil futures contracts on the goods market determine the prices of crude oil, which implies that commodity traders have the power of controlling the oil prices. Since 1974, this trend is still continuing. The regulatory authorities, such as the OPEC, can only affect the bidding decision of the traders but they cannot set the price in the market (Kilian and Murphy 2014). OPEC controls the supply to keep the prices at $70 a barrel, but during the time of excess supply and declining price in 2015, it let the price fall because it would not lose money till the price is $20 a barrel (Ogfj.com 2017). During 2011 and 2014, the shale oil production of the USA had doubled, which contributed the fall in oil prices in 2015 and onwards. Trend of price fluctuations It has been a significant rise in the crude oil prices since 1998. In that year, the average price for a barrel was only $12.28, while in 2012 it was $109, almost a 10 fold increase. Although the price dropped since then, but it never went down at the level it was near the 2000s. The major reason identified for this huge jump in the prices of crude oil is that, the resources of easy-to-get oil are exhausted and only the hard-to-get oil resources are left, such as, the continental shale in the North Sea region (Cobb 2012). New technologies and more capital investment are required to carry out the exploration and production activities in those regions. At the same time, the rate of production is important, irrespective of the size of the oil reserve. In the two decades, from 1998 to 2018, the demand for oil has increased more rapidly after 2000s, leading to sharp price volatility, and its role in transportation is still critical. The rate of consumption increased exponentially until 20 05 when the advancement of technology has brought revolution in every aspects of life and in the industries (Bodenstein, Guerrieri and Kilian 2012). Figure 1: Average crude oil prices, 1998-2018 (Source: statista.com 2018) It is seen from the chart that, the oil prices were increasing over the years but the sharp increase and price fluctuations started to happen since 2008. While the oil price came down in 2009, it came to a peak in 2012 with $109.45 per barrel, which suddenly came down to $40.68 in 2016. It has been increasing again since then. Hence, it can be seen that prices of oil were more or less stable during the period of 1998 to 2004 and it experienced sharp fluctuations afterwards. The OPEC has changed its strategy for defending the market share than the price by producing more oil at lower prices. The oil prices surged very high since 1998 due to an unexpected international economic boom, especially, from the emerging economies like China and India, and the oil producing countries failed to meet the sudden rise in the demand. In 2007, the traders increased inventories in anticipation of further rising demand and this made the oil prices to shoot up in 2008 (Kilian and Murphy 2014). The fall in oil prices occurred due to increase in supply from the new oil fields. Advanced technologies in the USA have led to increased production from the oil fields of the USA and other countries have also contributed in increasing the oil supply (Sodeyfi and Katircioglu 2016). Welfare implications and government intervention Since oil is one of the most important sources of energy to the world and determinants of economic growth, the volatile nature of its prices affects almost all types of industries as well as exchange rates. There are few aspects, by which the oil prices affect the exchange rate and market. In terms of purchasing power parity (PPP), when the demand and supply dynamics results in increased oil prices, the currencies of the oil-dependent countries depreciate due to high inflation (Brahmasrene, Huang, and Sissoko 2014). Hence, it affects the exchange rate of the countries as well as the level of international trade. A sudden rise in oil price is usually compensated by labor adjustments and hence, there is a structural impact on the employment (Le Coq and Trkulja 2015). Currency devaluation for the oil importing countries leads to a fall in the exchange rate, influencing them to create import substitution and export expansions, such as, in the case of Russia. The commodity composition nee ded to be diversified in Russia to improve the international trade. The welfare implications follow from the above discussion. As the oil price affects the exchange rate and currency valuations of the nations, it will have an impact on the economic growth. During the oil price rise, the wealth is transferred to the oil exporting nations (in USD terms) and is reflected as the improvement in the current account balance and export revenue in domestic currency (Wang and Chueh 2013). This appreciates the currency of oil exporting countries and depreciates the currency of oil importing countries. Thus, the government of the nations should intervene in keeping the system stabilized. The prices of oil should be maintained at a rate where all the countries could afford it and inculcate the growth. Conclusion According to Oil and Gas Financial Journal, 80% of the fuel for the worlds transport system including all types of transportation is derived from the petroleum, while the number is 93% in the USA. As oil is one of the major sources of energy for almost all industries in an economy, volatility in the crude oil prices has a major impact on all the economies of the world. In past two decades, due to the uncertainty in demand and supply side factors, the crude oil price has not only increased significantly, but also fluctuated majorly. This had impacts on the businesses of the oil producing companies; and on the exchange rate and currency values of the oil exporting and importing countries. The oil exploration technology has improved over the years, new and difficult-to-explore oil fields were discovered, OPEC had taken decision about not curtailing the production, global economic growth has happened, USA has started oil production and has been contributing considerably, and high importa nce is given to the alternative, that is, renewable energy sources. All these factors have contributed in oil price volatility over the years. Measures have been taken to stabilize the market, and to regulate the production and supply of oil to all the economies of the world. However, the oil exporting countries are benefitted when the prices are high and the importing countries are benefitted during the lower price. To keep the global economy stable and influence an equal growth, the government intervention is necessary in controlling the global crude oil price. References Bodenstein, M., Guerrieri, L. and Kilian, L., 2012. Monetary policy responses to oil price fluctuations.IMF Economic Review,60(4), pp.470-504. Brahmasrene, T., Huang, J.C. and Sissoko, Y., 2014. Crude oil prices and exchange rates: Causality, variance decomposition and impulse response.Energy Economics,44, pp.407-412. Cobb, K., 2012.Why Oil Prices are 10 Times More than in 1998. [online] OilPrice.com. Available at: https://oilprice.com/Energy/Oil-Prices/Why-Oil-Prices-are-10-Times-More-than-in-1998.html [Accessed 23 Apr. 2018]. Griffin, J.M. and Teece, D.J., 2016.OPEC behaviour and world oil prices. Routledge. imf.org, 2015.Oil Prices and the Global Economy. [ebook] IMF. Available at: https://www.imf.org/~/media/Files/Publications/WP/wp1715.ashx [Accessed 23 Apr. 2018]. Kilian, L. and Murphy, D.P., 2014. The role of inventories and speculative trading in the global market for crude oil.Journal of Applied Econometrics,29(3), pp.454-478. Le Coq, C. and Trkulja, Z., 2015.Changes in Oil Price and Economic Impacts. [online] Free Policy Briefs. Available at: https://freepolicybriefs.org/2015/12/07/changes-in-oil-price-and-economic-impacts-2/ [Accessed 23 Apr. 2018]. Majumdar, R., 2016.The oil mighty: The economic impact of oil price fluctuations. [online] Deloitte Insights. Available at: https://www2.deloitte.com/insights/us/en/economy/global-economic-outlook/2016/q3-understanding-economic-impact-of-fluctuations-in-oil-prices.html [Accessed 23 Apr. 2018]. Ogfj.com, 2017.Oil Price Fluctuations. [online] Oil and Gas Financial Journal. Available at: https://www.ogfj.com/articles/print/volume-14/issue-4/features/oil-price-fluctuations.html [Accessed 23 Apr. 2018]. Sodeyfi, S. and Katircioglu, S., 2016. Interactions between business conditions, economic growth and crude oil prices.Economic research-Ekonomska istraÃ
¾ivanja,29(1), pp.980-990. statista.com, 2018.OPEC crude oil price statistics annually 1960-2018. [online] Statista. Available at: https://www.statista.com/statistics/262858/change-in-opec-crude-oil-prices-since-1960/ [Accessed 23 Apr. 2018]. Wang, Y.S. and Chueh, Y.L., 2013. Dynamic transmission effects between the interest rate, the US dollar, and gold and crude oil prices.Economic Modelling,30, pp.792-798.
Subscribe to:
Posts (Atom)