Wind Power a Solution of Looming Energy Crisis Towards Sustainable Development Essay Example
The global economic downturn is currently affecting the Oil and Gas Economy, presenting a challenging situation for all industry investors and stakeholders. Overcoming this phenomenon requires tough decision-making and an effective innovation strategy at all management levels.
Three effects of the global recession on the oil industry are a decline in worldwide energy demands, a decrease in oil prices from its peak of $140 to below $40, and greater volatility in currency exchange rates. If this trend continues, there may be significant consequences, including substantial investment cuts resulting from sustained low oil prices. This could increase cyclicality and negatively impact producers and consumers (Jeroen, 2003-2015). JVI National Energy is a profitable company that builds rigs and conducts drilling operations but due to the crisis investors and stakeholders must seek alternative energy sources be
...nefiting individuals while helping nations achieve policy goals for secure, reliable, and affordable energy sources. Renewable energy is one solution promoted as a response to the current oil price crisis (Agency, 2012).
Robert Bryce proposes that Wind Energy is a cost-effective approach for reducing carbon dioxide emissions (Bryce, 2011). However, a study conducted in California challenges this claim by stating that Wind Energy does not reduce sulfur dioxide emissions. The study concludes that Wind Energy is not a cost-effective method for reducing carbon dioxide if the value of carbon is under $33 per ton. The objective is to introduce the company to Wind Technology as an alternative solution to the Oil Crisis and as a renewable source of energy.
The Oil and Gas Industry is facing ongoing challenges due to the global recession. The JVI National Energy Board of Trustees, as well as investors and
stakeholders, are concerned about the need for cost reduction and potential employee layoffs to avoid company bankruptcy. The decreased price of oil is a significant factor impacting the World Economy. If oil prices stay at current low levels, or decrease even further, oil drilling companies will face difficulties in extracting future oil. The current low oil prices are indicative of larger problems within the economy, such as the Law of Diminishing Returns. As wages stagnate, the cost of oil extraction increases by approximately ten percent annually. It appears that the peak of world supply may be reached in the near future.
At the Monthly Board Meeting, the CFO suggested that the company invest in the construction of a windmill. This would allow the company to capitalize on wind energy, an alternative and profitable resource.
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