Oil - McGraw-Hill Introduction to Business

Prices for Gas, Food, and Shelter Continue to Climb

April 12, 2022

According to the Bureau of Labor Statistics, in March 2022 consumer prices rose by 8.5 percent compared to the same period last year, amounting to the largest increase since 1981. Not only must businesses contend with pandemic-related supply chain issues that have persisted for well over a year, but also Russia’s invasion of Ukraine has led to spiking fuel and food costs. As a result, inflation continues to rise alongside prices for essential goods like housing, groceries, and gasoline. Continue reading →

Ukraine, Supply & Demand, Gas prices, Pricing, Russia, Operations Management, Supply chains, Global, Energy, Ethics, Product Distribution, Oil

Chapter 1: Taking Risks and Making Profits, Chapter 2: Economics, Chapter 3: Globalization, Chapter 4: Ethics and Social Responsibility, Chapter 9: Production and Operations Management, Chapter 15: Distribution

Gas Prices Increase at Fastest Rate on Record

March 25, 2022

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Anyone who’s had to fill up their car lately knows how the cost of gas has shot through the roof in recent weeks. According to the U.S. Energy Information Administration (EIA), the average price per gallon increased to $4.24 on Monday, the highest rate in more than four decades. Although the inflation-adjusted price does not quite reach the heights of the 1970s energy crisis, consumers must nevertheless deal with the largest month-to-month gas price increases on record.

Some parts Continue reading →

Russia, Energy, Oil, Operations Management, Ukraine, Global, Supply & Demand, Manufacturing

Chapter 1: Taking Risks and Making Profits, Chapter 2: Economics, Chapter 3: Globalization, Chapter 4: Ethics and Social Responsibility, Chapter 9: Production and Operations Management

Gasoline Pipeline Hack Causes Fuel Shortage on East Coast

May 12, 2021

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Last week, hackers began a ransomware attack on the Colonial Pipeline, a major conduit that supplies nearly half of the East Coast’s oil. The hack completely shut down petroleum transportation as the Colonial Pipeline Company “proactively took certain systems offline to contain the threat, which has temporarily halted all pipeline operations, and affected some of our IT systems.” Although the company expects to have most of its capabilities returned by the end of the week, the shutdown has resulted in Continue reading →

Oil, Economics, Logistics, Operations Management, Supply & Demand, Ethics, Transporatation, Energy

Chapter 1: Taking Risks and Making Profits, Chapter 2: Economics, Chapter 3: Globalization, Chapter 4: Ethics and Social Responsibility, Chapter 9: Production and Operations Management, Chapter 15: Distribution

[VIDEO] How the Oil Bust Could Reshape Global Markets

April 17, 2020

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With millions of cars off the road and thousands of airplanes sitting idle on tarmacs, oil consumption has plummeted since the start of the coronavirus pandemic. This has led to a drastic drop in petroleum prices that could have an enormous impact on the global economy in the months to come. This video looks at how trade tensions caused prices to fall before the Covid-19 crisis and how oil producing nations are now rethinking their priorities.

Questions:

How has Continue reading →

[VIDEO] Google and Amazon Are Now in the Oil Business

January 9, 2020

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In recent years, many Silicon Valley tech firms have pledged to make sustainability a top priority. But as Amazon, Google, and Microsoft develop environmentally friendly operations, oil companies are also using their technology to extract more petrochemicals from the earth. The video below takes an in-depth look at the history of oil extraction and how modern tech companies are risking their reputations by getting involved with the fossil fuel industry.

Questions:

How does machine learning help tech companies become Continue reading →

Natural Resources, Machine Learning, Amazon, Automation, Sustainability, Ethics, Silicon Valley, Oil, Google, Reputation, Microsoft, Fossil Fuels

Chapter 1: Taking Risks and Making Profits, Chapter 4: Ethics and Social Responsibility, Chapter 9: Production and Operations Management, Chapter 13: Marketing, Bonus Chapter B: Technology and New Media, Videos

[VIDEO] A History of Oil’s Booms and Busts

March 25, 2016

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Gasoline prices are lower than they’ve been in decades, but this is far from unique. Throughout oil’s volatile history the commodity has experienced several surges and sharp declines in value. This short but informative video tracks some of the biggest petroleum price jumps over the last century.

Questions:

Why does the price of oil change so frequently?

Should world governments invest more money into alternative energy sources in order to decrease their dependence on the unpredictable oil industry?

Energy, Oil, Petroleum, Commodities, The Middle East, Global, Pricing

Videos

Airline Profits Soar While Passenger Perks Remain Grounded

February 10, 2016

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For the airline industry, the last few decades have been more like a rollercoaster ride than a smooth flight through calm skies. Enduring consistent losses as well as the occasional bankruptcy, companies began making deep cuts to basic services in order to keep costs down. Meanwhile, airfares continued to skyrocket even as in-air amenities started disappearing. Now it finally seems like all that belt-tightening is paying off: last year the four biggest domestic carriers together earned about $22 billion in Continue reading →