• Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

I believe that Iraq allowing foreign companies into its country to drill for oil will have a great impact on the global economy. First, it will help with the Iraqis national budget

Extracts from this document...

Introduction

TUI ECO 201 Robert P. Melvin Module 4 SLP 10 September 2009 Iraq is a country that is currently rebuilding after being set free from the rule of Saddam Hussein. I will talk about why I chose to write about Iraq. Also, I will discuss the recent article in the New York Times about allowing foreign oil companies to drill in Iraq for the first time. Finally I will discuss how Iraq allowing foreign oil companies on their land will affect the global countries. The main reason I chose to write about Iraq is that I am currently scheduled to deploy there in about two weeks. ...read more.

Middle

The Kurds are the group of people that in the 1980s were gassed by Saddam Hussein. Currently, Iraq ranks third in the world behind Saudi Arabia and Iran in the amount of oil reserves with 115 billion barrels, but the United States Department of Energy believes that ninety percent of Iraq has not been explored for oil and they estimate that another 100 billion barrels are yet to be discovered. Only around 2000 oil wells have been drill in Iraq compared to 1 million oil wells in Texas alone. In 2008, China's biggest oil company signed the first post-ivasion oil field development contract. ...read more.

Conclusion

In June, they signed a contract with the Chinese company and British petroleum for development deal in the Rumaila field. I believe that Iraq allowing foreign companies into its country to drill for oil will have a great impact on the global economy. First, it will helps with the Iraqi's national budget and allow for revenue to help rebuild the nation. Also, it will brings jobs to both the local Iraqis and the country of whatever buys the contract. Iraq's oil production charges are among the cheapest in the world. This will allow for the lower crude oil prices which will leads to lower gas prices. In conclusion, I believe that Iraq decision to allow foreign oil companies to drill is not only good for Iraq but will also benefit the global economy. http://en.wikipedia.org/wiki/Iraq http://www.nytimes.com/2009/09/06/world/middleeast/06iraqoil.html?pagewanted=1&_r=1 ...read more.

The above preview is unformatted text

This student written piece of work is one of many that can be found in our International Baccalaureate Business Studies section.

Found what you're looking for?

  • Start learning 29% faster today
  • 150,000+ documents available
  • Just £6.99 a month

Not the one? Search for your essay title...
  • Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

See related essaysSee related essays

Related International Baccalaureate Business Studies essays

  1. Advance Professional Development

    Skills audit results in * An understanding of the skills required and the gaps the organization currently has. * A targeted analysis of development needs. * A listing of skills which need development. * Information that can be used for dynamic succession planning.

  2. This paper will concentrate on Apples Apple TV business, and its complementing iTunes business.

    * The Apple Install base - Existing Apple computer and iPod owners who so love and adore the Apple brand are ideal candidates because Apple TV brings content stored on different pieces of hardware and software together. While Apple TV can be used to bring all the content together, it can also be used selectively for any particular content.

  1. The Main advantages and disadvantages of mixed economy system

    Advantages of Command economy According to Sloman (2006), theoretically there are lots of advantages of such economic system. These are: * Distribution of wealth among people equally * No poverty * Unemployment and inflation can be avoided * High stability of life.

  2. Starbucks expansion into China

    This is especially true when planning for international marketing. The increasingly optimized Chinese macro- economic environment provided realistic guarantee and broad prospects for foreign investment. During the past 20 years of reform and opening up, the national economy has been keeping a high-speed development with an average increase speed of two -digits, a and has topped the countries all over the world.

  1. Globalization - discuss the integration of the worlds economy.

    Furthermore, the country is able to specialize in sectors where they can produce wealth and import from others where they cannot. Globalization also exposes businesses constantly to competition which means that they have to be more productive. Another good effect of globalization is democracy, which is good for the country.

  2. In this paper, we will focus in four main factors which had the most ...

    When gold price increases suddenly, especially when Vietnam dong is not reliable and safe enough, individuals or investors must use method of purchasing real estate in gold or dollar. This is obvious. According to an estimate, real estate transactions in gold still make up 60 -70%.

  1. The opportunity exists whereby RDB Palace, a low budget hotel, can differentiate itself to ...

    RDB Palace is currently facing problems as the number of budget hotels have increased, thus increased competition. It not only has to compete with other budget hotels but also with other bigger hotels in Jaipur, which are now well established in the city.

  2. Globalisation needs to be controlled.Analyse this statement in the light of recent events (such ...

    But unemployment is more likely to be high in industrialised countries as many companies search for cheaper alternatives for manufacturing. 3. Competition ? becomes stronger with intervention of globalisation, on one hand leading for better products and services. On the other hand, it may lead to monopoly of international company in the country, therefore killing domestic businesses.

  • Over 160,000 pieces
    of student written work
  • Annotated by
    experienced teachers
  • Ideas and feedback to
    improve your own work