Assignment Money Banking and Finance

Submitted by:

Name: Muhammad Shahnam ul Hassan

Name: Muhammad Usman Saeed

Name: Hashir Javed

Department: BBA

Semester:4

Roll no: B-24494

Roll no: B-24762

Roll no: B-25911

Submitted to: Sir Ahsan Akbar

Submitted on: 02-11-2021

 Oil and Gases

In these days main Global energy crisis is oil and gases. The world consumes 40,000 gallons
of oil per second. Because of that, oil production has reached its peak in 33 out of 48
countries. Today oil is a very important part of everyday life. The big problem is that we run
out of oil and gas. Experts say that oil will be finished in 2050 and gas in about 2070. These
facts have massive effects on oil prices. Oil and gas prices will increase sharply over the next
few decades. The same applies to a lot of other items, which need oil for their production or
their transportation. As a result everyone´s life will be influenced and will become more
expensive. Today there are many alternatives to oil or gas. Renewable energies could replace
them. This is the chance that our dependency on oil or gas will become reduced in the future.
Therefore it is very important that the development of the renewable energies gets support
and that it will evolve. The energy crisis has three main impacts on the economy, such as the
increase of oil prices, financial downturns and it offers the opportunity to develop renewable
energies. Unfortunately in these days Pakistan are faces all impacts.

Oil reserves are decreasing, which has the effect that the oil prices rise steadily. Currently, the
world consumes 85 million barrels of oil per day in manufacturing and transport. For
instance, 97 percent of the transportation sector (such as cars, subways, buses, railroads, ships
and airplanes) in the PAK is moved by energy made from oil. And demand for the black gold
keeps rising. Oil underpins the global economy. This means that our everyday life will get
more expensive and most of us have to learn to do without. And this would be the first step to
get away from the addiction to oil. Because the production of some items will cost more and
so the consumer has to pay more for the end product. Also food gets more expensive,
especially this kind of food, which has to be transported from far away by trucks, cargo ships
or airplanes. Therefore oil gives us mobility, but it also heats and cools our homes and it
manage to create electricity. A lot of products, which are needed daily, are made from oil,
such as plastics, clothing, life-saving medications, cosmetics, etc. Oil and Gases are also used
in agriculture for manufacture fertilizers and run a machineries. The oil crisis will have
significant effects on a lot of jobs which rely on oil. Nearly every job relies on oil even if
some directly rely on oil and some indirectly. For that reason a lot of people will lose their
jobs.
Recommendation

Developing countries like Pakistan need a continuous supply of clean and cheap energy. It is
a very common fear in today's world that the fossil fuels will be depleted soon and the cost of
energy is increasing day-by-day. Renewable energy sources and technologies have the
potential to provide solutions to long-standing energy problems faced by developing
countries.

Currently, Pakistan is experiencing a critical energy crisis and renewable energy resources

can be the best alternatives for quickly terminating the need for fossil fuels. The renewable
energy sources such as solar energy, wind energy , and biomass energy combined with fuel
cell technology can be used to overcome the energy shortage in Pakistan. Biomass is a
promising renewable energy source and is gaining more interest because it produces a similar
type of fuel like crude oil and natural gas. Energy from biomass only depends upon the
availability of raw materials; therefore, biomass can play an important role to fulfil
the energy requirements of the modern age. The use of energy has increased greatly since the
last century and almost all human activities have become more dependent on energy.
Biomass, being a potential and indigenous candidate, could be a good solution to meet the
energy needs of Pakistan. The detailed current energy requirements and solutions from
available energy resources and the scope, potential, and implementation of biomass
conversion to energy in Pakistan are explored with a special focus on the major province of
Punjab and the advantages of biomass for energy purposes.