S3 Oil Project

Preparation

• Wednesday 2 February (Library - laptops and internet access)
• Thursday 3 February (Room 2 - laptops but no internet access)
• Tuesday 8 February (Room 45 - computers and internet access)

Final Deadline

• Presentation and report on Wednesday 9 February

Team Leaders

• Seneca (Michael and Mickiel)
• Oil Based Lubricants (Fraser & Hal)
• The Divers (Hussam & Andrew)
• Discovery (Vahaab & Douglas)
• TurmOil (Tom & Hugh)

Team leaders and assistants responsible for ensuring presentation is ready for deadline day and final report allocated.

Some good links

OPEC

OPEC and the world oil industry

The world oil market

Crude oil's rollercoaster prices

Questions & Answers - Volatile Oil Prices

Oil supply cannot match demand

China's oil demand increase "astonishing"

It was worse than predicted......

The UK economy suffered a shock 0.5% contraction in the final quarter of 2010. The Office of National Statistics (ONS) reported that although the bad weather had had an effect, growth would still have been flat if its effect had been excluded.

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Latest economic news....

Economists have warned that the rate of economic growth in the UK is likely to have slowed in the last 3 months.

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And a further study suggests that the recovery is not evenly spread across the UK - while some cities like Hull and Doncaster are doing well, Sunderland and Liverpool are struggling to recover.

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Unemployment nears 2.5 million......

One in five 16-24 year olds is now out of work.....951,000 without jobs! The highest figure since records began in 1992. Unemployment overall rose to nearly 2.5 million at the end of November.

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Inflation rises as feared from 3.3% to 3.7% in December

The feared rise in inflation became a reality when the Consumer Price Index (CPI) increased from 3.3% to 3.7% in December. The Bank of England are coming under increasing pressure to raise interest rates to try and cut back on spending and reduce demand. The increase is blamed on rising costs of air transport, fuel, food and utility bills, and the recent VAT increase from 17.5% to 20% is likely to cause further rises.

1. Click here for full story
2. Who is most affected by inflation?
3. Stephanie Flanders - Inflation: Risks on both sides

Other stories

OPEC, the oil producing group, has said it is unlikely to increase output of oil despite the price of crude oil nearing $100 a barrel. A spokesman claims that supply to the market is sufficient and any output to reduce the price now looks unlikely.

1. Full story

Bank of England keeps interest rates at 0.5%

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Good video with Declan Curry on why Interest Rates are important - check it out!

Food prices in Australia to rise because of floods

Food prices could rise by as much as 30% in Australia due to the floods in Queensland having a knock on effect to inflation.

Food shortages on goods like wheat, sugar, fruit and vegetables will push prices up, which could have a knock on effect globally.

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