Executive Summary
Fossil fuels are the predominant source of energy for industrial and transportation consumption. It is however expected that in a few more decades, fossil fuels will have lesser role to play than non-conventional oil and gas sources and renewable energy sources. This paper presents an overview of some of the socioeconomic factors that are driving the global oil industry and their implications for the UK industry. Four key influences are studied to understand the implications for the industry in terms of economic and environmental factors. The steady influence of OPEC is a significant factor in the pricing of crude ...
