Dynamics of global oil prices,exchange rate and precious metal prices in India

This study examines cointegration and Granger causality among global oil prices, precious metal (Gold, Platinum and Silver) prices and Indian Rupee–US Dollar exchange rate using daily data spanning from 2nd January 2009 to 30th December 2011. ARDL bounds tests indicate that the series are cointegrated. Toda–Yamamoto version of Granger causality has been employed to establish the causation amongst the variables. The study also examines generalized error variance decomposition of variables due to various shocks in the system. Such information provides insight into the transmission links between the global oil market and the Indian precious metals and foreign exchange market. These have the potential for significant impact in further research, portfolio management and central bank policy design.     

Physiological responses of Avicennia marina seedlings to the phytotoxic effects of the water-soluble fraction of light Arabian crude oil

Stomatal behavior, growth performance and the accumulation of polynuclear aromatic hydrocarbons (PAHs) were evaluated in seedlings of the mangrove Avicennia marina (Forssk.) Vierh., treated with a water-soluble fraction (WSF) of Abu-Dhabi light Arabian crude oil through foliar spraying or soil application.Irregular stomatal behavior and weak stomatal control over transpiration were observed during the first 24 hours, where stomatal resistances of plants sprayed with 150 and 300 g PAHs plant^–1 were significantly lower than that of the control plants. After six weeks, all treated plants showed no significant difference in their relative growth rate (RGR) or in the net assimilation rate (NAR) compared with the control plants.Tri-aromatic hydrocarbons were the most accumulated in tissues of the treated plants. Penta- and hexa-aromatics, on the other hand, were undetectable in the WSF and consequently in the treated plants. A linear relationship was observed between the dose applied to plants and the amounts of tissue accumulated PAHs (r ²=0.515 for soil application and r ²=0.984 for foliar spray). In plants sprayed with 300 g PAHs plant^–1, the total PAHs accumulated were more than that accumulated in plants treated through soil application.These findings suggest that: aqueous extraction of crude oil tends to signify the percentage of the low molecular weight PAHs, e.g. naphthalene, to the total PAHs; disturbed stomatal behavior in the first day of the treatment may be due to the venting of the volatile low molecular weight aromatic hydrocarbons (e.g. benzene, toluene, and xylenes) through the stomata; and uptake of water-soluble hydrocarbons by plants is equally possible through both of the root system and the foliage. The ecological implications of these finding are discussed in relation to oil pollution of mangrove stands under field conditions.     

An economic appraisal of the Australian oil and gas industry

The author assesses Australian oil and gas production within the context of overall domestic energy supply and demand. Future domestic production of petroleum is unlikely to meet more than 60% of domestic demand after this decade, although gas reserves should be adequate until 2000. Important economic issues - leasing, royalties, taxation, pricing, and exploration incentives - and their relationship to future supply and demand, are identified and evaluated.     

Effect of crude oil carbon accounting decisions on meeting global climate budgets

The Intergovernmental Panel on Climate Change quantified a cumulative remaining carbon budget beyond which there is a high likelihood global average temperatures will increase more than 2 °C above preindustrial temperature. While there is global participation in mitigation efforts, there is little global collaboration to cooperatively mitigate emissions. Instead, countries have been acting as individual agents with independent emission reduction objectives. However, such asymmetric unilateral climate policies create the opportunity for carbon leakage resulting from the shift in embodied carbon emissions within trade networks. In this analysis, we use an optimization-based model of the global crude trade as a case study to demonstrate the importance of a cooperative, system-level approach to climate policy in order to most effectively, efficiently, and equitably achieve carbon mitigation objectives. To do this, we first characterize the cost and life cycle greenhouse gas emissions associated with the 2014 crude production and consumption system by aggregating multiple data sources and developing a balanced trade matrix. We then optimize this network to demonstrate the potential for carbon mitigation through more efficient use of crude resources. Finally, we implement a global carbon cap on total annual crude emissions. We find that such a cap would require crude consumption to drop from 4.2 gigatons (Gt) to 1.1 Gt. However, if each country had an individual carbon allocation in addition to the global cap consistent with the nationally determined contribution limits resulting from the 2015 United Nations Climate Change Conference, allowable consumption would further decrease to approximately 770 million metric tonnes. Additionally, the carbon accounting method used to assign responsibility for embodied carbon emissions associated with the traded crude further influences allowable production and consumption for each country. The simplified model presented here highlights how global cooperation and a system-level cooperative approach could guide climate policy efforts to be more cost effective and equitable, while reducing the leakage potential resulting from shifting trade patterns of embodied carbon emissions. Additionally, it demonstrates how the spatial distribution of crude consumption and production patterns change under a global carbon cap given various carbon accounting strategies.     

Linkages to manufacturing in the resource sector: The case of the Angolan oil and gas industry

This paper discusses the current state and future prospects of backward production linkages to the manufacturing sector in the Angolan oil and gas industry. The paper finds that local value-added links are currently limited to labour and to a lesser degree in basic services. However, there is a realistic and strategic potential for local manufacturing linkages to expand in the oilfield services sector of the industry, which in turn can stimulate industrial development. For this to be achieved, the factors that are currently constraining the expansion and deepening of linkages have to be addressed, namely, a weak local content strategy, a weak local skills and industrial base and the integration of industrial and oil sector policies.     

Impact of crude oil pollution on species number and live standing herbaceous crop biomass

Summary The impact of crude oil spill on the number of plant species and the above-ground live standing crop biomass (AGLSCB) of a herbaceous plant community was assessed. The spillage had a devastating effect on the herbaceous community and especially on the component herbaceous annuals. At least 80–90% of the species were absent in the affected areas in comparison to nearby unaffected areas, most of these being annuals. Perennial species were generally less affected. The total herbaceous production for a period of 12 months in the polluted areas was 885.1 gm^–2 compared with 4860.7 gm^–2 for the unaffected areas. The average monthly production in the polluted areas was 73.8 gm^–2 compared with 405.0 gm^–2 for the unaffected areas.Dr Debojit Baruah is the senior author of this paper and he is a research scholar at Dibrugarh University. Dr Sarada K. Sarma is a Pofessor in the Botany Department of Guwahati University in Assam.     

Impact of crude oil price volatility on economic activities: An empirical investigation in the Thai economy

This paper empirically examines the impact of oil price volatility on key macroeconomic indicators of Thailand. Following Andersen et al. [2004. Analytical evaluation of volatility forecasts. International Economic Review 45(4), 1079–1110], quarterly oil price volatility is measured by using the realized volatility (RV). The impact of the oil price volatility is investigated using the vector auto-regression (VAR) system. The Granger causality test, impulse response functions, and variance decomposition show that oil price volatility has significant impact on macroeconomic indicators, such as unemployment and investment, over the period from 1993Q1 to 2006Q4. Perron's [1997. Further evidence on breaking trend functions in macroeconomic variables. Journal of Econometrics 80(2), 355–385] test identifies structural breaks in all the concerned variables during the time of the Asian Financial Crisis (1997–1998). A VAR for the post-crisis period shows that the impact of oil price volatility is transmitted to budget deficit. The floating exchange rate regime introduced after the crisis may be the key contributor to this new channel of impact.     

The crude oil market and the gold market: Evidence for cointegration,causality and price discovery

Given that the gold market and the crude oil market are the main representatives of the large commodity markets, it is of crucial practical significance to analyze their cointegration relationship and causality, and investigate their respective contribution, from the perspective of price discovery, to the common price trend so as to interpret the dynamics of the whole large commodity market and forecast the fluctuation of crude oil and gold prices.     

Identification of environmentally vulnerable areas with priority for prevention and management of pipeline crude oil spills

The oil industry is one of the main productive activities in Mexico and has a huge infrastructure, including a wide pipeline network that crosses urban, industrial, agricultural and natural areas. The threat of crude oil spills is greatest in those regions with a high concentration of oil extraction and refining activities, as in the case of the Coatzacoalcos and Tonalá Rivers Low Basin. This study ranked the geosystems of the basin in terms of vulnerability to pipeline crude oil spills. Very high vulnerability (level I) was assigned to the water bodies (lakes and rivers) and their margins of influence, including surfaces that flood during normal hydraulic load. High vulnerability areas (level II) comprised surfaces that can flood during extraordinary hydraulic load related with extreme hydrometeorological events. The remaining three vulnerability levels were defined for areas with low or negligible flooding potential, these were ranked according to physical (slope, relief and permeability), biological (richness, singularity and integrity) and socio-economic (social marginalization index and economic activities index) conditions. These results are presented on a map for better visualization and interpretation. This study will be useful to establish preventive and effective emergency management actions in order to reduce remediation costs and adverse effects on wild species. It also can help local and national authorities, oil industry and civil protection corps to better protect ecosystems, natural resources and human activities and goods.     

从被动治理到综合防治 从局部好转到整体提升——“十一五”蚌埠市环保事业创出新业绩

“十一五”是蚌埠市经济社会快速发展的重要时期,也是环境保护受到社会各方面关注,环保工作得到迅速发展的重要时期。在市委、市政府的高度重视和正确领导下,社会各界给予关心与支持,全系统上下提振信心、凝神聚气、攻坚克难、奋力争先,克服“流域限批”带来的种种不利局面,坚持以实施污染防治为抓手,以提高环境综合防治水平为目标,以解决突出环境问题为重点,全面提升环境监督管理水平,     

Assessing corporate–community involvement strategies in the Nigerian oil industry: An empirical analysis

The desire of oil companies operating in the Niger Delta to secure their social license to operate, and address their community development obligations, has led in recent years to the adoption of corporate social responsibility (CSR) policies and strategies. Drawing on quantitative and qualitative data collected in host communities within the Niger Delta in Nigeria, the paper compares the effectiveness of two different corporate–community involvement strategies. The evidence suggests that while the corporate–community foundation model has certain advantages over the in-house community investment model, both approaches suffer from a common shortcoming that limits the impact of oil companies’ efforts on community development in their host communities. The paper concludes by exploring the implications of the research findings for corporate–community involvement in the Nigerian oil industry.     

Newspaper response to flood and erosion hazards on the North Lake Erie shore

The study is primarily concerned with newspaper responses to flooding and erosion associated with Great Lakes high water in 1952–1953 and 1972–1974. Underlying the research is a general interest in informing the public more widely on choices available in resource and environmental decision making.     

Deregulation of petroleum product prices: the case of India

Deregulation of petroleum product prices has been considered for quite some time in India. Such a policy is compatible with the idea of a liberalized economy and reduced government intervention. However, little progress has been made so far, due to various issues that loom over the deregulation process. This paper analyses issues related to deregulation of petroleum product prices, clarifies certain conceptions or misconceptions, and studies the options available for a deregulated price environment. It is argued that the equity and environmental effects of kerosene use need to be borne in mind, and a simple cross-subsidy system to this effect is proposed. For all other products, a deregulated system with some safeguards may be feasible. The success of any such attempt, however, needs some institutional rearrangements.     

The effect of prices on the recycling of waste materials

Recycling policy, insofar as it exists, tends to be heavily weighted towards price manipulation. However, it is by now fairly well established that the supply of secondary materials is in most cases quite unresponsive to price changes, so that price-based policies are very unlikely to be effective. This view is further borne out by an attempt to consider explicitly the sort of adjustment processes which must necessarily occur in the generally volatile markets for waste materials. It is suggested that price-oriented policies must first influence the expectations of potential suppliers before any response is forthcoming When this is considered along with the evidently small reaction to those expectations, an even more pessimistic conclusion about the suitability of standard measures to encourage recycling is reached.     

Quantifying the human contribution to losses in the chemical industry

Accidents in the chemical industry may have serious effects on the well-being of a number of people, whether in terms of life or limb or in economic terms. Evidence supports the view that the human element may make a significant contribution to such losses but no attempts have been made to clarify the potential involvement of such factors in process safety. Thus no current risk assessment technique attempts to take into account the entire range of human factors which may influence losses. The development of a preliminary technique for this purpose is described, and its future development and potential applications discussed.     

Morphological and anatomical effects of crude oil on <Emphasis Type="Italic">Pistia stratiotes</Emphasis>

Fresh whole plants of Pistia stratiotes were exposed to varying doses of crude oil (0–100 ppm) for 28 days at normal temperature of 30 ± 2°C. Samples were taken weekly during this period for determination of changes in leaf area, root length, number of leaves, and number of sprouts. The cross-section of one terminal end of the major roots and cellular distribution of the meristematic region were also examined. The results show that crude oil was toxic to the plant at all concentrations in all investigated parameters for as low as 10 ppm. Association was also observed between crude oil toxicity and certain metals inherent in the crude oil such as manganese and lead. Cell shape disruptions, changes in mitotic indices, and the distortion of cellular anatomy and structure at the apical region also characterized the presence of crude oil in the environment of P. stratiotes. P. stratiotes may not be a good bio-accumulator of crude oil but may be used for the detection of pollution.     

Evaluating the efficacy of wood shreds for mitigating erosion

An erosion control product made by shredding on-site woody materials was evaluated for mitigating erosion through a series of rainfall simulations. Tests were conducted on bare soil and soil with 30, 50, and 70% cover on a coarse and a fine-grained soil. Results indicated that the wood product known as wood shreds reduced runoff and soil loss from both soil types. Erosion mitigation ranged from 60 to nearly 100% depending on the soil type and amount of concentrated flow and wood shred cover. Wood shreds appear to be a viable alternative to agricultural straw. A wood shred cover of 50% appears optimal, but the appropriate coverage rate will depend on the amount of expected concentrated flow and soil type.     

The use of 137Cs to establish longer-term soil erosion rates on footpaths in the UK

There is increasing awareness of the damage caused to valuable and often unique sensitive habitats by people pressure as degradation causes a loss of plant species, disturbance to wildlife, on-site and off-site impacts of soil movement and loss, and visual destruction of pristine environments. This research developed a new perspective on the problem of recreational induced environmental degradation by assessing the physical aspects of soil erosion using the fallout radionuclide caesium-137 (¹³⁷Cs). Temporal sampling problems have not successfully been overcome by traditional research methods monitoring footpath erosion and, to date, the ¹³⁷Cs technique has not been used to estimate longer-term soil erosion in regard to sensitive recreational habitats. The research was based on-sites within Dartmoor National Park (DNP) and the South West Coast Path (SWCP) in south-west England. ¹³⁷Cs inventories were reduced on the paths relative to the reference inventory (control), indicating loss of soil from the path areas. The Profile Distribution Model estimated longer-term erosion rates (ca. 40 years) based on the ¹³⁷Cs data and showed that the combined mean soil loss for all the sites on ‘paths’ was 1.41 kg m^?2 yr^?1 whereas the combined ‘off path’ soil loss was 0.79 kg m^?2 yr^?1, where natural (non-recreational) soil redistribution processes occur. Recreational pressure was shown to increase erosion in the long-term, as greater soil erosion occurred on the paths, especially where there was higher visitor pressure.