INFLUENCE OF THE PRICE AND OIL RESOURCE SCARCITY ON THE WORLD ECONOMY

Stijepo Letunic
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Stijepo Letunic: University of Dubrovnik

Economic Thought and Practice, 2006, vol. 15, issue 2, 241-257

Abstract: Oil, an energy resource, is an important factor for the international and national economic development. Future industry and transport development, development of other economic activities, as well as the restructuring of the world economies are dependent on this resource scarcity and the price. Oil companies worldwide invest in the latest technology in order to increase the exploitation of the existing resources. Moreover, alternative energy sources are being searched for, although the level of investments in the alternative sources is still very low. The aim of this paper is to draw attention to the share of oil in the world production and consumption, as well as to point out the problems of restructuring and introducing new technology in the world economy.

Keywords: post-entry performances; ICT sector; enterprise size; industry heterogeneity (search for similar items in EconPapers)
JEL-codes: L79 Q43 (search for similar items in EconPapers)
Date: 2006
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