engleski

Global Financial Crises and Oil Industry

Economy at the beginning of the 21st Century is depending on energy, particularly on oil and gas – approximately 65 % of the global energy use. Global relation of contemporary economy: Globalization and energy: • Oil was the first globalize commodity • Natural gas and LNG follows as commodity within the process of market globalisation as well Globalization and technology: • Nuclear technology in the second half of the 21st Century was the first real global technology • Global technologies – IT & biotechnology The mechanism of the global financial crises was closely connected to the market speculations. Market speculations pulled prices up in the period of price increase (Bulls Period) and pushed it down in the period of price decreasing (Bears Period). The recycling of oil profits through global financial markets – financial crises bubble. An oil price decreasing in third quarter of the 2008 was the sign of spreading the crises from finance to the industrial sector. The main question is how to preserve the stability of energy industries in instable economy? Central and south east Europe is energy importing region, geopolitically between EU and Russian energy geopolitical approach. The main question of their energy security is how to ensure further oil and gas supply?

oil industry; financial crises; globalization; oil; natural gas

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