petroleum economics

Petroleum economics is the study of the production, distribution, and consumption of oil and gas. It examines how factors like supply and demand, global market trends, and geopolitical events influence prices and investment in the energy sector. Key concepts include the cost of extracting oil, the role of OPEC (the Organization of the Petroleum Exporting Countries), and the impact of renewable energy on traditional fossil fuels. Understanding these dynamics helps businesses and governments make informed decisions about energy policy, resource management, and economic planning, impacts which resonate throughout the global economy.