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COURSEWORK ASSIGNMENT 1) Describe the world oil market The world oil market structure is quite unique due to the importance of oil to the global economy and its relative scarcity. It is still unclear how much oil there really is left due to differing views amongst geologists. What is agreed is that the scarcity of oil is a major concern for the global economy and its likely the peak in old production will be seen by this generation. All fossil fuels such as oil and gas are slowing running out; renewable sources will be needed in the future to generate all electricity. When it comes to fuel used for transport, all planes and cars are reliant on oil by-products such as petrol and diesel, the technology isn't there yet for electricity to be viably used as a substitute for petrol in cars, with existing technology electric cars can't go very fast which...

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