Oil Crisis by Abrar Naseer https://padlet.com/abrarnaseer/lkib334cefh52d5m By:Abrar Naseer en-us 2020-12-01 22:22:16 UTC 2020-12-09 03:35:33 UTC hello@padlet.com Introduction abrarnaseer https://padlet.com/abrarnaseer/lkib334cefh52d5m/wish/977901602 Welcome to my wall

Here we going to discuss the importance of Oil and how it impacted the global economy during Oil crisis throughout the world. we will learn why Oil has become the world's most important source of energy through videos, images and websites.]]> 2020-12-01 22:27:39 UTC https://padlet.com/abrarnaseer/lkib334cefh52d5m/wish/977901602 Image#1 abrarnaseer https://padlet.com/abrarnaseer/lkib334cefh52d5m/wish/977938355 The image clearly shows that the station is closed due to the lack of oil. This old image tells us during that time it was hard to find oil due to the country relying heavily on importing oil from other countries.]]> 2020-12-01 22:46:39 UTC https://padlet.com/abrarnaseer/lkib334cefh52d5m/wish/977938355 Image #2 abrarnaseer https://padlet.com/abrarnaseer/lkib334cefh52d5m/wish/977969165 This Image reveals that there was a big Gas shortage during that time. The situation was so crucial that they only allowed a limited 10 gals of gas per person.]]> 2020-12-01 23:04:34 UTC https://padlet.com/abrarnaseer/lkib334cefh52d5m/wish/977969165 Video#1 abrarnaseer https://padlet.com/abrarnaseer/lkib334cefh52d5m/wish/977989115 This video reveals that ongoing covid-19 has a major impact on oil prices around the world. There is way too much oil in the market and countries who produced oil are selling it at a discount. A country like Saudi Arabia is lowering the prices of oil in order to take market share from Russia and other small countries.

I choose this video because it’s very helpful and short to understand how Covid-19 is having a huge impact on the oil market around the world. The video clearly hints that covid-19 could possibly put the global economy into recession and the only way for that to not happen if the global economy picks up the demand.]]> 2020-12-01 23:17:22 UTC https://padlet.com/abrarnaseer/lkib334cefh52d5m/wish/977989115 Video#2 abrarnaseer https://padlet.com/abrarnaseer/lkib334cefh52d5m/wish/978039664 This video reveals how Canadian crude oil prices hit a low record and all the major oil producers think that cutting production will fix the problem. The video discusses that will all companies get on board with this idea and how much difference will it make in the future.

 
I choose this video because I learned a lot from this video on how Canada is dealing with all-time low oil prices. I learned that Canada is getting crushed due to not having large market access and everyone is looking for a solution to this crisis.

]]> 2020-12-01 23:48:06 UTC https://padlet.com/abrarnaseer/lkib334cefh52d5m/wish/978039664 Video#3 abrarnaseer https://padlet.com/abrarnaseer/lkib334cefh52d5m/wish/978095275 This video reveals that 2020 is not a good year for the oil industry because of the Covid-19 a lot of people are staying home, and airlines are mostly closed. The demand for oil is very low, compare to before the outbreak which the world was consuming around 100 million barrels a day.

I learned that due to the pandemic a lot of small companies are going bankrupt due to less demand for oil. There is a brutal price war between countries like Saudi Arabia and Russia and because of that smallest companies cannot compete with their low prices on the market.

]]> 2020-12-02 00:18:08 UTC https://padlet.com/abrarnaseer/lkib334cefh52d5m/wish/978095275 Video#4 abrarnaseer https://padlet.com/abrarnaseer/lkib334cefh52d5m/wish/978148977 The video is a great guide to understand how the world economic crisis went from bad to worse during this pandemic. The biggest oil producers countries were worried that the pandemic was forcing countries into lock-down which means they were going to sell less oil so they started an oil price war.

I choose this video because it explains why the oil market crashed and why it's getting worse each year. I learned that two of the biggest oil producers control to either increase or decrease the price of the oil at any time. This oil price war is literally making both American and Canadian companies going bankrupt.]]> 2020-12-02 00:43:16 UTC https://padlet.com/abrarnaseer/lkib334cefh52d5m/wish/978148977 Website#1 abrarnaseer https://padlet.com/abrarnaseer/lkib334cefh52d5m/wish/978224315 This website talks about the oil crisis during 1973-1974. During that time there was a war going on between Arab countries and Israel. The Arab countries decided to impose an embargo on those who are supporting the Israelis government by supplying them with weapons and ammunition.

I choose this website because it gives up a little bit of history on how Oil was used as a weapon for negotiations. The Arab countries used oil as a tool to bring America and its allies back to the negotiation table to push Israel back to its original country borders and stop the war altogether.

]]> 2020-12-02 01:15:06 UTC https://padlet.com/abrarnaseer/lkib334cefh52d5m/wish/978224315 Website#2 abrarnaseer https://padlet.com/abrarnaseer/lkib334cefh52d5m/wish/978294776 This website talks about how Canadian oil wells are slowly shutting down due to an all-out-war between the oil-producing countries. Even though these countries reach an agreement to cut production to stabilize oil prices, the price in disruption still hurt Canada and the price of crude oil fell to $5 on the global market.

I choose this website because it talks about climate change and how the Canadian oil sands production will not contribute much to efforts to fight climate change. Removing the oil sands production will definitely damage the Canadian economy and give a financial boost to other oil producers.

]]> 2020-12-02 01:47:16 UTC https://padlet.com/abrarnaseer/lkib334cefh52d5m/wish/978294776 Website#3 abrarnaseer https://padlet.com/abrarnaseer/lkib334cefh52d5m/wish/978356658 This website gives little more detail about how Canada is affected by the low price of oil especially Alberta. In general, low oil prices drag down both interest rates and the Canadian dollar. Alberta might be going into recession, its economy suffering a huge way and  The stock prices of producers Suncor Energy Inc. and Canadian Natural Resources Ltd. were both down 20 to 25 percent.

I learned that Alberta is heavily reliant on oil revenues and they should start thinking about moving away from reliant on oil revenues. Meanwhile, Finance Minister Bill Morneau said "Canada has a “very strong fiscal position” with “a level of debt as a function of our economy that is very low.” 
 ]]> 2020-12-02 02:18:21 UTC https://padlet.com/abrarnaseer/lkib334cefh52d5m/wish/978356658 Website#4 abrarnaseer https://padlet.com/abrarnaseer/lkib334cefh52d5m/wish/978432174 This website tells us about the world going under an oil shock again. The demand for crude oil and petroleum are fallen due to the coronavirus pandemic. Millions of people locked down, closed factories, cut supply chains, and reduced transport at home.

One piece of information that I found useful on this website is that Cutting production of oil will help bring the price up to and stabilize the situation. These big oil producers need to cut production  and rise their prices to counter the coronavirus’ effect on the economy 


]]> 2020-12-02 02:56:52 UTC https://padlet.com/abrarnaseer/lkib334cefh52d5m/wish/978432174 Reflective questions abrarnaseer https://padlet.com/abrarnaseer/lkib334cefh52d5m/wish/978532091 1. What did you learn about your topic that surprised you the most? 
The thing that surprised me the most was how Giant oil producers countries control most of the global oil production and their decisions can either fix or damage the entire global economy.

2. Provide a real-life example of how this topic is relevant or interesting for you. 
This topic is interesting because everyone that drives a car can now appreciate the low prices but when the pandemic is over there will be high demand for oil and the prices will go high again.

3. If you could pass on your knowledge to a family member or friend, what do you think is the most important thing to pass on? 

The important thing to pass on is that work hard and keep moving forward even in tough times like this pandemic.

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