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The Vital Role of Oil in Economic Growth and Commerce

Chapter 6, reviewed by Teneil Ryno, emphasizes the indispensable nature of oil in modern economies. The assertion that "without oil, there is no commerce" highlights oil's critical function in facilitating trade and mobility. Key quotes illustrate that energy usage, rather than energy itself, creates wealth. Notably, countries with higher oil demand per capita demonstrate significantly greater GDP levels compared to those with lower demand. Oil has shrunk our world, offering mobility, comfort, and convenience, thus serving as a foundation for contemporary economic prosperity and development.

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The Vital Role of Oil in Economic Growth and Commerce

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  1. Chapter 6: Reviewed by: Teneil Ryno If Oil Didn’t Exist , We’d Have to Invent It [1]

  2. Quotes from the book Previously stated: “It is not energy that creates wealth, rather it is energy use.” “Without transportation, there is no commerce.” – Don Cheatman To go further: Bryce’s Hypothesis – “Without oil there is no commerce” “Oil shrunk the world.” “Oil is the most flexible substance discovered.”

  3. Cost vs Benefit Good Evil vs [2] [3]

  4. Oil Produces Economic Growth Oil Demand per Capita (barrels) [4] *OECD – Organization for Economic Cooperation and Development In countries where oil demand is more that 12 barrels per capita, GDP is at least 2 times as high as countries that demand less than 6 barrels of oil per capita.

  5. Oil provides us with: [10] • Mobility • Comfort • Convenience [5] [9] [7] [6] [8]

  6. References [1] Book Cover: http://www.borders.com/online/store/TitleDetail?sku=1586488538 [2] Image 1: http://www.planebuzz.com/oilenergy/ http://wattsupwiththat.com/2010/10/21/planes-trains-automobiles-all-bad-some-less-than-others/ [3] Image 2: [4] Book Figure: http://www.iea.org/speech/2009/Fyfe_mtomr2009_launch.pdf [5] Image 4: http://www.makesandmodels.com/Boeing-747-8-Intercontinental.php [6] Image 5: http://www.atmospheric-electricity.org/electricity-auction-domains.html [7] Image 6: http://www.steam-boilers.org/tag/oil-burner [8] Image 7: http://hypebeast.com/2007/12/juse-shoelace-scarves/ http://www.blog.zoozoom.com/beauty/givenchy-cosmetics/ [9] Image 8: [10] Image 9: http://www.rockviewfarms.com/milk.nxg

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