Ethics Paper

Submitted By lundkri06
Words: 491
Pages: 2

Kristina Lund Week 1 Assignment
Intro to Business Questions for Discussion and Complete Ethics
Time: 1 hour

1. The basic factors of production in the petroleum industry are supply, demand, and global forces. I believe that the factors in the future will be how readily available petroleum will be to us, and the technology that will be invented in order to attain petroleum from places that we are not able to get to at this point in time. 2. The marketplace forces of supply and demand determine the price of petroleum. If demand grows or if a disruption in supply occurs, then there will be upward pressure on prices. On the same token, if demand falls or there is an oversupply of product in the market, there will be downward pressure on the prices. 3. The economic indicators most directly affected by energy prices will be the stock market, manufacturing jobs, and retail prices. The way the economy has been, prices in petroleum will sky rocket with the rise of supply and demand. 4. I believe it decreases. My reason being is that any alternative fuel source (Hydrogen for example) would put a large dent in the petroleum industry. In a capitalistic society (a dollar bases society), the dollar is the common denominator, not logic, not reason,, not goodness, and not beauty. The fuel that drives our society is oil dollars, and probably will remain so until we suck the last drop out of the earth. Because of the dominant “greed” gene, societies eventually do their circle and come back to capitalism. Meaning that small business private enterprise will become extinct so to speak. 5. I believe that there should be more of a government intervention in the pricing and exploration of petroleum products. My reasoning is because if the government helped more in the funding for