Contemporary Economic Policy Essay Example | Topics and Well Written Essays - 4750 words

Contemporary Economic Policy - Essay ExampleWhat is needed is not less than an nix revolution itself. This World Energy Outlook demonstrates how that might be achieved through crucial policy action and at what cost. It also describes the consequences of failure.Take oil for example, which is the worlds essential supply of energy and allow for remain so for many years to come, even under the most optimistic of assumptions about the step of growth and exploitation of alternative technology. But the sources of oil to meet rising demand, the cost of producing Oil and the prices that consumers leave alone need to pay for it are extremely uncertain and constantly fluctuating, perhaps more than ever. The surge in prices in recent years drastically ending in the price spike of 2008, joined with such(prenominal) greater short-term price instability, hire highlighted just how sensitive prices are to short-term market im reliefs. They have also alerted people to the ultimately finite nat ure of oil (and natural gas) resources. In fact, the immediate adventure to supply is not one of a deficiency of global resources, but rather a lack of investment funds where it is needed. Upstream investment has been rising rapidly in nominal terms, but much of the augmentation is repayable to heaving costs and the need to battle rising decline rates - especially in higher-cost provinces out of doors of OPEC. Today, most capital goes to exploring for and developing high-cost reserves, partly because of limitations on international oil company access to the cheapest resources. Expanding end product in the lowest-cost countries will be central to meeting the worlds needs at reasonable cost in the face of dwindling resources in most parts of the world and accelerating decline rates everywhere.1. IntroductionThe joined Kingdom has been a net importer of energy resources (Oil and Gas) the energy sector itself has a big chunk in the over-all providence of the nation. However with t he ever fluctuating and unpredictable fuel prices, it does not seem like a feasible greet to depend on traditional energy resources. A better and more farm energy policy needs to be prepared and implemented.The purpose of this paper is to highlight key energy consumption trends in the UK, review the energy policy and come up with a better approach towards dealing with the economic impact of energy.The energy industries in the UK play an innermost role in the economy by producing, transforming and supplying energy in its various forms to all sectors. They are also major contributors to the UKs balance of payments through the exports of crude oil and oil products (National Statistics Publication 2007).i) 4.8 per cent of GDPii) 8.6 per cent of total investmentiii) 44.3 per cent of industrial investmentiv) 137,800 people directly employed (5 per cent of indus