Oil Markets Essay Example | Topics and Well Written Essays - 1500 words

Oil Markets - Essay Example This essay looks at the historical of price changes in the oil industry and the influence of market fundamentals. James Smith shares a perspective of trends in the oil prices and takes back to the spell between 1874 and 1974. He argues that during this time the prices of oil were characterized by a stable market (Smith, 2009). During the time, a barrel of oil ranged between $10-$20 (Smith, 2009). This period can be explained to have had a stable supply of crude oil that was accessible even to the remotest nations of the world. Therefore, given the market was with no movement, the price elasticity of demand was insignificant and thus the stable prices. After the ‘golden era,’ the world has experienced insurmountable boom and burst in the economies. The world achieved tremendous progress in the early 18th Century. During this time, the prices of crude oil were relatively low given that the supply was steady. However, the price of oil have increased since and resulted in the worst crisis in the world. The world experienced the great depression in mid-18th century. This was a result of decreased production of crude oil as a result of the war in the Middle East. And given that price elasticity of demand a minimum reduction in supply lead to an increased rise in the price of oil. The 1970s saw the price range between $12 to and $ 53 per barrel and shoot to $ 75 per barrel in 1981 (Smith, 2009). In the subsequent years, the prices continued to drop until it lowest at $12 per barrel in December 2008. However, in July the same year the price has risen to $ 145 (Smith, 2009). At the end of the same year had the price at $40 for a barrel (Smith, 2009). Smith cites a number of economic circumstances behind the trend in prices. There are a large number of factors that prompt changes in the global market for crude oil. The 20th century has witnessed increased and declined consumption of oil at the same time. James Hamilton

Entrepreneurship 320 Movie Review Example | Topics and Well Written Essays - 250 words

Entrepreneurship 320 - Movie Review Example complete factory that was later named, â€Å"North Shore Soap Factory.† Market gaps were identified, and the products were designed to capture prospective consumers. A spa inspired boutique was established. Product differentiation was undertaken after more original recipes were established. The two founders of the North Shore Soap Factory attribute their success story to the following reasons; Richard Schmelzer realized a potential business empire from an idea generated by his wife Sheri and their kids. The idea relied on decorating shoes with rhinestones and clay charms. Sheri Schmelzer is a witness that entrepreneurial skills can sprout from creativity, timing, and patience. Rich took the business idea and created Jibbitz. The company specializes on producing accessories for Crocs shoes. He attributes the success to timing. His business was defined by the ability to capitalize on ideas no matter how small they appear. Entrepreneurial skills do not necessarily arise from strong business ideas, ideas as small as those of Rich’s wife and kids bear potential success. Jibbitz success story revolves around the spheres of capitalizing on potential business ideas and establishing the appropriate time to capture the existing market trends (Hutt p