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Oil Industry Changes

The oil industry has changed significantly over the years. The global oil industry has gone through several dramatic changes as technology has improved, new sources of oil have been explored, and global demand for oil has shifted. It is now easier to extract oil from more locations and in more efficient ways, leading to greater supply and lower prices.

In the past, the vast majority of oil production came from the Middle East. Countries such as Iraq, Iran, and Kuwait were major sources of the world’s oil supply. However, this is no longer the case. Over the past decade, the United States has risen to become the world’s largest producer of oil. New technology has allowed the U.S. to access oil reserves on its own soil, including the shale oil reserves of the southeastern states. Fracking, a technology that involves injecting a mixture of water and chemicals into the ground to access oil trapped in rock formations, has greatly increased the amount of oil that can be extracted from U.S. sources. This has dramatically altered the global oil market, as more oil is now sourced from the US, creating a much more equal balance of power.

Other countries have also invested in their own extraction methods for oil, including Canada, Brazil, and even China. With increased supply comes increased competition and lower prices. This has also forced oil industry giants like BP and Shell to become more efficient with their operations in order to remain competitive. Companies are now investing more in renewable energy sources, cutting costs and becoming more profitable. This has had a significant effect on the global economy as well, allowing for more economic growth and providing more jobs in the process.

Overall, the global oil industry has changed significantly over the past few decades. Technology has improved and allowed new sources of oil to be accessed in more efficient ways, leading to increased global production and competition. At the same time, the prices of oil have gone down, allowing more economic growth and providing more jobs. Going forward, the oil industry will continue to be an important part of the global economy, albeit with a slightly different landscape than before.

Four months ago, I was a very shy and timid person. I rarely spoke in class and never put myself forward for any work. I was the one in the corner of the room and that was the way I wanted it.

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Thanks to the public speaking club I attended, I am now a whole new person. Not only have I gained confidence, but I have also gained the trust and respect of my peers. I highly recommend that anyone should try the amazing experience that public speaking can provide.