Economic impact of energy industry
| Order ID | 53563633773 |
| Type | Essay |
| Writer Level | Masters |
| Style | APA |
| Sources/References | 4 |
| Perfect Number of Pages to Order | 5-10 Pages |
Description/Paper Instructions
Economic impact of energy industry
The energy industry is a significant contributor to the global economy, providing a wide range of products and services to meet the energy needs of businesses and consumers worldwide. The sector encompasses a range of activities, including the production, distribution, and sale of energy products such as oil, natural gas, coal, and renewable energy sources like wind, solar, and hydroelectric power. In this article, we will examine the economic impact of the energy industry and its various sub-sectors.
One of the primary ways in which the energy industry contributes to the economy is through job creation. The sector employs millions of people worldwide, from engineers and scientists to technicians and laborers. In the United States alone, the energy sector supports over 10 million jobs, according to the International Energy Agency (IEA). These jobs range from those involved in the exploration and production of oil and gas to those in renewable energy industries such as solar and wind power. The energy sector also creates indirect employment opportunities, such as in transportation and logistics, which support the delivery of energy products to consumers.
Another significant economic impact of the energy industry is its contribution to national and global GDP. In 2019, the global energy industry contributed $5.2 trillion to global GDP, according to the IEA. This represents roughly 6% of the world’s total GDP, making it one of the largest economic sectors globally. The industry’s contribution to GDP is driven by its role in providing the energy products and services that drive economic growth and development across various sectors, including transportation, manufacturing, and construction.
The energy industry also plays a vital role in trade and commerce, with energy products accounting for a significant proportion of global trade. In 2019, the value of energy products traded globally was $2.7 trillion, according to the World Trade Organization (WTO). The trade in energy products is essential for both energy-importing and energy-exporting countries, with energy products often accounting for a significant share of a country’s exports or imports. This trade also generates significant revenue for energy companies and governments through taxes and tariffs.
The energy industry is also a significant contributor to government revenue, through taxes and royalties on energy production and sales. Governments around the world rely on revenue from the energy sector to fund public services and infrastructure. In the United States, for example, the oil and gas industry paid over $12 billion in royalties and $1.5 billion in rent to the federal government in 2019, according to the Bureau of Ocean Energy Management. The sector also contributes to government revenue through taxes on energy sales and profits.
However, the energy industry can also have negative economic impacts, such as environmental degradation and the potential for price volatility. The extraction and production of fossil fuels can result in environmental damage, such as air and water pollution, which can have significant economic costs in terms of health care and cleanup. The industry’s reliance on non-renewable resources also leaves it vulnerable to price volatility and supply disruptions, which can have significant economic impacts.
In conclusion, the energy industry has a significant economic impact, providing jobs, driving GDP growth, supporting trade and commerce, and generating revenue for governments. However, the industry also faces significant challenges, such as environmental degradation and price volatility, which must be addressed to ensure its continued economic sustainability.
Economic impact of energy industry
RUBRIC | QUALITY OF RESPONSE | NO RESPONSE | POOR / UNSATISFACTORY | SATISFACTORY | GOOD | EXCELLENT | | Content (worth a maximum of 50% of the total points) | Zero points: Student failed to submit the final paper. | 20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. | 30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. | 40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. | 50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. | | Use of Sources (worth a maximum of 20% of the total points). | Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. | 5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. | 10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. | 15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. | 20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. | | Grammar (worth maximum of 20% of total points) | Zero points: Student failed to submit the final paper. | 5 points out of 20: The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors | 10 points out 20: The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors | 15 points out of 20: The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. | 20 points: The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. | | Structure of the Paper (worth 10% of total points) | Zero points: Student failed to submit the final paper. | 3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. | 5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements. The student also significantly writes too large or too short of and paper | 7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. | 10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper. |
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