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Petroleum – Strategic Resource for World Economy

Author

Listed:
  • Pop Viorel

    (“Vasile Goldiş” Western University of Arad)

Abstract

Petroleum is the most important resource for global energy production, far exceeding the role of coal and natural gas, the role of river energy and wind energy, and also the role of nuclear fuel.All highly industrialized countries are making great efforts to ensure the energy needs of the functioning of economies under the conditions of fierce global competition. None of the world’s first 10-12 economies can give up on petroleum imports, and the exporting countries benefit from large financial resources from petroleum.Saudi Arabia, Qatar, United Arab Emirates, Venezuela, Russia and other petroleum-rich countries secure themselves significant foreign revenue for their economic development, defense and overall well-being.

Suggested Citation

  • Pop Viorel, 2018. "Petroleum – Strategic Resource for World Economy," Studia Universitatis „Vasile Goldis” Arad – Economics Series, Sciendo, vol. 28(2), pages 70-85, June.
    • Handle: RePEc:vrs:suvges:v:28:y:2018:i:2:p:70-85:n:5
    DOI: 10.2478/sues-2018-0010
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    References listed on IDEAS

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    1. Olimpia Neagu & Stela Dima, 2017. "Impact of Globalisation On Economic Growth in Romania: An Empirical Analysis of Its Economic, Social and Political Dimensions," Studia Universitatis „Vasile Goldis” Arad – Economics Series, Sciendo, vol. 27(1), pages 29-40, April.
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    More about this item

    Keywords

    petroleum; energy; economy; environmental protection; trade balance; competitiveness;
    All these keywords.

    JEL classification:

    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • F10 - International Economics - - Trade - - - General
    • L71 - Industrial Organization - - Industry Studies: Primary Products and Construction - - - Mining, Extraction, and Refining: Hydrocarbon Fuels
    • Q43 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Energy and the Macroeconomy

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