What caused the surge in oil price during the period 2000-2005 Essay

What caused the surge in oil price during the period 2000-2005 - Essay Example This projection is mainly attributed to the changes in demand and supply by the non-OPEC and OPEC members. The oil price surge is a major economic issue as it slows down global economic recovery. This paper highlights the major issues that are behind the oil price surge during the 2000 – 2005 periods. In this essay we seek to address the question of the effects of additions to OPEC capacities and economic activities on oil prices (mostly in the future) and why oil prices are literally depend on the OPEC’s ability to maintain control over the marginal supplies of oil. Global oil demand had a slow increase in the year 2000 – 2005 periods than it did in the last five years. Each time when the demand growth accelerates annually, the prices are always seen to rise and vice versa. The yearly rate of demand growth has changed markedly over the last few years with this kind of growth dipping into a low of just about half a percent in the year 2001 and a then having a sha rp rise through 2004. During the year 2004, the oil demand had surged by 4% and this was the fastest rate since 1977. In the year 2005, the demand growth fell callously although its growth rate was maintained above 1%. A significant part of this growth was contributed by China and most of the rest of the developing Asia (Menecon Ltd. 2006, p1). The United States and other non-Asian developing countries accounted for the bigger share of the volume increase in demand during the 2000 – 2005 periods. With the supply capacity going high in the recent years, the rise in demand has squeezed spare capacity in pushing up prices. Causes of Oil Surge during the 2000 – 2005 Period During 2000 – 2005 period great oil surges was experienced, the possible causes of this surge in oil prices include: supply, monetary inflation and the value of the US dollar, demand and investment demand. Supply Lower supply of oil is considered to be a main lasting fundamental cause of the risin g prices during the period 2000 – 2005. The intermittent supply contributed majorly on the surges in oil prices and therefore, the oil price crises. Monetary Inflation and the Value of the US Dollar Price inflation develops from monetary increase and other economic policies. Wobbly monetary policy attained from the Federal Reserve and other central banks is listed as one of the major contributor to the increase in the oil prices. It therefore forms the main cause in the dollar devaluation and commodity speculation characteristic with changes in oil prices. The value of the US dollar also had some impact on the oil prices as oil is normally quoted and traded in US dollars. This means that the value of the dollar determines the rise or fall in the oil prices. Demand High demand for oil is also one of the main causes of the surge in the oil prices. The demand for the crude oil was seen to be growing at an average of 1.76% per year. This effective growth (in percentage) was recor ded from the year 1994 to 2006. Still, during this period (1994 to 2006), a higher rise of 3.4% was experienced in the year 2003 to 2004. As the demand for oil is on a high rise all over the world an increase in demand of 37% is expected by 2030 hence the demand for oil is projected to have an increase. Normally, increase in oil prices reflects on the global demand rise for oil. Prices usually affect the demand as the relationship between them is considered to be not a way street. If the demand gets a certain shift a direct impact on the oil prices will take place; when the oil prices get affected thy in general will lead to a (United Nations staff 2005, p6). Investment Demand Invest demand is also one of major issues to the surge in oil during the 2000 - 2005 period. Investment demand usually occurs when investors pay for future

Nursing in a legal and ethical environment in Australia Essay - 1

Nursing in a legal and ethical environment in Australia - Essay Example This latter document also forms the basis of what the profession offers to the public, and thus also forms the basis of public expectations with regard to nursing services and how nurses are to conduct themselves in the course of their duties (South African Nursing Council, 2004). Looking at the two documents, one is able to piece together some of the key ethical considerations in nursing care in South Africa as being embodied in nursing responsibilities and duties as prescribed by the law, and as prescribed and monitored by the profession association. On the other hand, while it does this, it also goes back to fundamental principles that guide its ethical formulations, chief among them being South African conceptions of social justice, truthfulness, doing no harm, doing one’s best, being caring, being autonomous, and being giving and demonstrating genuine care. Its code of ethics is linked, moreover, to a set of fundamental values, chief among them the value of the life of a person, privacy, respect for others, right to care, truthfulness, and the maintenance of the integrity of the nursing profession (South African Nursing Council, 2013). On the other hand, there are views on nursing ethics in South Africa that go beyond the rules and law-based ethical considerations, and go deep into the culture to fish out ingrained ethical values relating to care and compassion for the sick. These are spirituality-based ethical considerations that are not strictly found in the rules-based Code of Ethics discussed above (Haegert, 2000). Meanwhile, the South African Ethics Code for Nursing also lists specific ethical dilemmas as also forming part of the primary ethical considerations that guide practice. They are included in the code of ethics by way of fleshing out what those are, recognizing the complex nature of the dilemmas, and providing avenues for discussing the merits of individual cases within the nursing community and with the critical supervision of the Sou th African Nursing Council. Some ethical dilemma situations listed include euthanasia, and the early ending of pregnancies (South African Nursing Council, 2013). II. Nursing Care- Key Ethical Considerations: Australia The foundation of nursing ethics in Australia are the fundamental human rights laws that are observed and followed, as well as additional legislation that are geared towards securing the well-being, health and security of the general population, as well as the community of health care professionals that administer care. Moreover, there are national accreditation schemes and national organizations in place that complement the work done by the National Boards, or the associations of professionals for the different professions within the health care field, including nursing, that formulate the key ethical constructs and the guidelines and codes of behavior that in essence implicitly determine what the ethics of care for nursing in Australia are. Those ethical consideratio ns flow from a concern for the rights of individuals and the observance of the laws relating to that. Moreover, the ethical considera