The Oil And Natural Gas Industry On The Us Economy

Oil Products The demand for natural resources and other earthly materials continue to rise exponentially throughout the world, especially due to rising populations. Some issues that are in support of fracking include having the opportunity to access an alternative source of fuel, creates more jobs in the oil and gas industry, lowers taxes for Americans by using domestic oil, helps to make certain countries less dependent on others for their resources, stimulates the economy, and also helps to improve overall air quality by using natural gas for electricity instead of coal. According to a study on the â€Å"Economic Impacts of the Oil and Natural Gas Industry on the US Economy in 2011† done by Price Waterhouse Coopers LLP â€Å"The US oil and natural gas industry’s total employment impact to the national economy in 2011, combining the operational and capital investment impacts, amounted to 9.8 million full-time and part-time jobs and accounted for 5.6 percent of total U S employment.† Fracking to access more natural gas and oil not only has helped many to be employed in these industries, but also has a great impact on the way one attains electricity. Some values in support of fracking include profit, quality of life capitalism, sustainability, and economic power. Some issues that are against fracking include harming the environment, the results in fracking a particular area are not aesthetically appealing, potentially plays a role for water droughts and depleted local water supply,Show MoreRelatedAmerica s Need For Black Gold1221 Words   |  5 Pages24 February 2017 America’s Need for Black Gold In 1973, in the wake of conflict in the Middle East, US drivers were feeling the repercussions with every gallon of gasoline and oil that they consumed. The members of OPEC placed an oil embargo on the US and several other nations because of their aid to the Israeli military. This embargo greatly pressured the US, who was highly dependent on foreign oil. In the aftermath of this crisis, President Nixon called for the increased energy production to avoidRead MoreThe Economic Report On Fracking, Is It Worth It?1465 Words   |  6 Pagesforeign oil and natural gas has created a vulnerability affecting our national security and economic stability. Up until this past decade there was an appreciable decline in our oil and natural gas production in the US and we were tied to world market price fluctuations. Oil prices and natural gas prices rose and fell based on OPEC’s and other large oil and natural gas producers’ production and pricing decisions. Beginning in 2005, thin gs began to change in the US oil and natural gas industry. NewRead MoreThe Oil And Natural Gas Industries1686 Words   |  7 Pages Around the globe, the oil and natural gas industries are a major part of stable and growing economies, as well as, the individual lives of most people. As individuals we use it to run our vehicles, heat our homes, cook, and much more. Economies, on the other hand, rely on the oil and natural gas industries for the jobs they create, the product they supply, and the added value created by government revenues. In 2011, these industries in the United States made up 5.6 percent of the nation’s totalRead MoreU.s. Energy Boom May Signal A New Export Era874 Words   |  4 Pagesand exports to and from different counties. The US has always been dependent on getting gas and oil from other countries in the world however, construction started in Louisiana on an industrial facility that will be able to liquefy natural gas and enable the US to export it a round the globe which would allow the U.S. to be a first time exporter of natural gas and oil. If we look back 5 or even 10 years ago the idea of the U.S. exporting oil and gas would be unimaginable and in some cases illegalRead MoreThe Sea Is A Major Hub Of Economic Activity1473 Words   |  6 PagesThe majority of the US population lives near the coast, not just because the ocean is beautiful but because the ocean is a major hub of economic activity. The sea provides us with food and livelihoods along every coast of the United States and its territories. 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As a huge extraction process it requires large quantities of water, sand and chemicals, which are to produce the fracking fluid, and in most of the cases all this water and chemicalsRead MoreIs Fracking Safe?1026 Words   |  5 PagesFracking Safe Safe natural gas fracturing or â€Å"fracking† is on the rise and our country is benefiting from in on several levels. From meeting energy needs to creating jobs and helping the economy, natural gas is an invisible miracle. Many precautions are taken during the fracking process in order to ensure it is safe as possible. Natural gas is something I work around every day due to the fact I work in the oilfield and the workRead MoreHydraulic Fracturing Has Recently Grown In Popularity As1516 Words   |  7 Pagesthe environment and the economy, of this industry. Although there are pros and cons to both sides of the issue, a compromise needs to be found for both the safety of the environment and to be able to support affordable energy production. 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The States falls victim to those countries because we do not export quite as much as they do. This problem could potentially be solved by upping the amount of oil and gas fracking. Then, that now unused oil can be sent out to other countries, turning a profit here. Although many people believe that it is harmful to the environment, and bad for the public around it. The largest being that it

What Is Peer Review - 960 Words

The literature review What is peer review? Peer review is the evaluation of scholarly and academic articles by other researchers or scientists who are expert in the field and qualified enough to perform a reasonably neutral review. It is an indispensable part of the process of the scholarly publication. Most academic journals rely on scholarly peer review, or refereeing, to help editors evaluate the quality of articles submitted to their journals. The review process is a skill, which is learned through practice and experience (British Ecological Society, 2013). The purpose of peer review The primary purpose of the peer review is to assess the quality of the research and the paper as well. It provides the journal editor with the information needed to reach a reasonable decision. According to Hames (2008), peer review is an important part of the quality control mechanism used to determine what it should be published, and what it should not. Any scholarly work or research will not be considered until it has been validated by peer review. The peer review process acts as a filter for interest and relevance to the field being targeted by a journal. Peer review, therefore, should serve numerous purposes as follows: - To help select quality articles for publication based on their scientific merit and validity and their methodology. - To ensure that the work is properly described and the results presented have been interpreted appropriately. - To improve the manuscript (improveShow MoreRelatedScholarly Bibliography On Scholarly Journals Essay866 Words   |  4 Pages Definitions of terms Scholarly peer review Scholarly peer review, also known as refereeing, is the process of subjecting an author’s scholarly manuscript to the scrutiny of others who are experts and working in the same field (Ware 2013). 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Rugby Players Asset or Expense

Question: Discuss whether Rugby players are valuable assets of a business or an expense. Use the definitions of assets and expenses in this book to show which of the elements of financial statements human resources. Answer: Today world is seeing shift from manufacturing to services industry which is now taking more and more people under its umbrella. Few decades ago it was shift from agriculture to manufacturing sector for most developing economies. This trend of rise in services sector has raised questions on accounting policies related to Human resources. Human resources is used for the people employed by business that includes use of talent, intelligence, knowledge, experience and understanding of the organisation, its culture and the history. (Islam and Sarker, 2016).For an IT company which has negligible assets in form of machine or patents or infrastructure, etc their man power becomes their strengths. (Cheriyan, 2012). An organisation has both physical as well as human resources but the organisation is successful only when some human is able to utilize the physical resources well. That is why there is lot of emphasis on talent and management these days. Without human resource an organisation cann ot run. Same goes for Rugby players. The team which is income generation source for the club is nothing without players. So, players are like the assets for the club on the basis of whose expertise and talent the team is making money. (L. Bullen and Eyler, no date) Previously organisations tried to avoid expenses in the form of money spent on employees and first step towards cost cutting came from reduction in number of employees. Now they have started recognizing the importance of human resources. Going by definition of assets, they are resources which are controlled by an entity as result of historic events which help derive economic benefits in future for the entity. When we look at Rugby players, they are assets in the way that they are the reason for money inflow that will happen for the club through future gate receipts received by the organisation. The training and employment of players would constitute a valid past event. But, are these rugby players controlled by entity, as a result of the contract? Are players capable to leave whenever they want to or are they slaves)? Hence looking at it from control perspective they do not meet definition of an asset. Hence they satisfy partial definition of assets because these players do not belon g to organisation throughout. Also there are issues related to measurement of the cost or value of the players, which makes it difficult to record assets. The football industry is the only UK sector where human resource accounting has been applied in financial reporting, in accounting for transfer fees (Morrow, 1999). On the contrary looking at the definition of an expense which is decrease in equity which represents decrease in profits in the form of economic benefits as outflow, as reduction of assets or as the incurrence of liabilities. Salaries and wages expenditures fall within this definition because cash or benefits have to be paid for work of players. Consequently, expenditure done on human resources in the form of their training, accommodation, food, etc are therefore is therefore usually classified as an expense. Costs incurred in selection, recruitment, training, and development increase skill set of employees and hence as per modern view of accounting are investment which helps organisation gain benefits in future, but what about scenario when this trained person leave organisation? Expense is money spent which after a year nothing has left to show it as items have been consumed like rent, raw material, power cost, etc. In case of Rugby players, we cannot be sure about duration of a Ru gby player staying with the club and also, contracts have been sometimes called illegal too. There have also been instances of players violating the contracts and moving to a different club. Hence tenure of a Rugby player is not clearly defined which adds to lack of clarity in how to deal with the cost incurred. A club trains and takes care of all needs of a player, but players move to different clubs in pursuit of more money or fame. Hence this issue needs to be tackled. If clubs start considering them as assets, then there are costs associated with development and training of player which should be expense or maintenance? Also, it is becoming difficult to value a player as all players command different valuations. Hence placing a fair value to a player as an asset is again a challenge. On the other hand, treating players as expense poses another challenge where a player might sign contract of couple of years and fees is paid in first year. So, there would be huge jump in profits o f the club in second year w.r.t. first year which got subdues because of huge player fees and impacted bottom line. In a thesis by B.C. Brommer he has tried understanding future economic benefits that a club gets from a player and found out that there is no correlation between investment in player and economic benefits for that club. He also argues that players do not meet the IFRS recognition criteria for assets as Future economic benefits argument is nullified. (Brommer, 2011).Looking at the way contracts are made for Rugby players we see there are multiple types of contracts which last from one season to three to four seasons and hence are spread across 1-4 years of window and for some players they go till 5 years. In 2015, Wallabies flyhalf got opportunity to sign a flexible contract where he could play both for Australia as well as Japan. (Writer, 2015). Hence, we see will of players makes a lot of impact. They cannot be controlled. Even structure of contract is such that they are though restricted still they have an option to get out of contract and buy the contract period. So, saying since the contract of some years has been signed and player will not leave is misunderstanding. Players do leave at their discretion. The fees paid to Rugby players are in the form of one time token money as well as monthly salaries which are pre decided at the time of contract. One who wants to walk out of contract needs to buyout the contract as well as they needs to offer player a better salary. So, even future economic benefits are wiped out in thin air if a player walks out of contract. For a club, Rugby players are like lease of asset which they have taken under them. There is need of payment for this lease in the form of salaries of the players according to their market value on monthly basis. Also, there is a legal contract which exists. Just like lease rental payments are treated as expense, similarly this analogy can be extended to Rugby players too who are definitely valuable to the club but can be bought out by others and have their own will which does not give controlling rights to club over player like an organization can make use of land on lease but cant control other factors about it. But the players also show characteristics of a Machine, where because of a player a club performs well and get revenues, but with time it needs training and development like a machine needs maintenance and repair. Also, as player ages, his/her value decreases, tenure of contract shifts to one year contracts and salary paid also decreases along with his value and demand amon g the clubs. Hence just like a machines value decreases with time, the same happens to a player. There is a more controversial topic, accounting treatment for transfer fees of players. Transfer fees are payments made for acquiring player registration, and it provides exclusive access to professional activities of the individual. The grey area is in treatment of player as asset or expense and also amount of control over player. Previously traditional treatment was to account for them as expense and transaction was recognized as operating/exceptional item which reduced income of the club. Few clubs took capitalization route which inflated assets as well as reported earnings. (Rowbottom, 2002) The rift between traditional and modern accounting method to calculate value of a Rugby player and other Human resources continue. There is no clear instruction on how to calculate how much a firm has benefitted from a player/employee in terms of economic benefit and also it is impossible to calculate future earnings from investment in an employee because of various factors involve which makes their valuation tough. (Steen Welch, no date). There is need of common regulation so that all the clubs and organisations have uniform reporting when treating them. This difference in approach leads to inflated bottom line for those who show players as an asset and amortize them over time whereas unstable bottom line for those who treat their salaries and expenditures on their training as expense. A common accounting standard for this industry would make choice for an investor easy and understanding clear on looking at financial statements. He/she wont have to look for approach used by each or ganization in treating human resource once the industry specific guidelines are issued for treatment of human resources for reporting purposes. References Islam, M.S. and Sarker, J. (2016) Human resource accounting: Practical challenges in recognition, measurement, accounting treatment procedure and a possible way out,IOSR Journal of Business and Management, 18(09), pp. 4146. doi: 10.9790/487x-1809024146. Bullen, M. and Eyler, K.-A. (no date) Human resource accounting and international develop ments: implications for measurement of human capital, Journal of International Business and Cultural Studies. Brommer, B.C. (2011) Does the recognition of f ootball players contracts require extra attention? Tilburg University, Tilburg, The Netherlands. Available at: https://arno.uvt.nl/show.cgi?fid=116328 (Accessed: 4 January 2017). Writer, S. (2015)Bernard Foley signs three year flexible contract with Australian Rugby union. Available at: https://www.rugby.com.au/news/2016/02/09/bernard-foley-signs-three-year-flexible-contract-with-australian-rugby-union (Accessed: 4 January 2017). Steen, A. and Welch, D. (no date) Are Accounting Metrics Applicable to Human Resources? The Case of Return on Valuing Assignments,Australasian Accounting Business and Finance Journal, 5(3). Morrow, S. (1999). The New Business of Football, MacMillan Business, UK. Rowbottom, N. (2002) The Application Of Intangible Asset Accounting And Discretionary Policy Choices In The Uk Football Industry,The British Accounting Review, 34(4), Pp. 335355. Doi: 10.1006/Bare.2002.0215. Cheriyan, N.K. (2012) A Case Study On Human Resource Accounting In Infosys Available at: https://thecommercepedia.blogspot.in/2012/05/case-study-on-human-resource-accounting.html (Accessed: 4 January 2017). Morrow, S. (1992). `Putting people on the balance sheet: HRA applied to professional football clubs', Royal Bank of Scotland Review, 174(June), pp. 10--19. Morrow, S. (1995). `Recording the human resource of football players as accounting assets: establishing a methodology', Irish Accounting Review, 2(1), pp. 115--132.

Social Institutions (Module 5 Case) an Example by

Social Institutions (Module 5 Case) Why does the economic social structure called middlemen form? There is an interconnected relationship that exists in every society and in between them. This basic sociological idea is emphasize in the structure-functionalist and conflict approaches in understanding sociological phenomena. The structure-functionalist approach highlighted the interdependence of the various institutions in a social system. Taking into consideration the case of artist-audience relation, it is obvious that one needs the other to function. Under cultural norms, there are producers or publications that act in between the artist and the audience to bridge the gap that affects the delivery of product or services. Need essay sample on "Social Institutions (Module 5 Case)" topic? We will write a custom essay sample specifically for you Proceed The middlemen form of economic social structure corresponds or acts as a moderator between the source or supply of products and services and the consumers. The middlemen negotiate products between the producers and the consumers, the owner and the renter, the elite and the masses, and employer and employee (Butler 2005:5). In the case presented, regarding the relationship of artists and producers or publishers, the economic social structure is a middlemen form because there is a mediator or a negotiator between the artists and the consumers or fans. Through the use of the web or the internet to publish and market the artists music, books or products; the middlemen form is cut off. The conflict approach indicates the fact that the society has several parts that compete with one another. Thus, it is usually the case that a conflict of interest exists. In the case of artist-middlemen-audience, there are 3 players each with their own interest. The artist wants to gain from their products. The middleman would take a few percent commissions by helping the artist reach the masses or by widening and/or promoting the market for their products. The audience would buy or purchase the product. The conflicts arise since the middlemens salary basically results to the reduction of the artists profit and an increase in the price of the product which burdens the consumer. Upon the introduction of the internet, the work of the middlemen steadily decline. Entrepreneurs, in this case the artist, become more self-reliant since they can communicate with the consumers (audiences) and sell their products directly. It also creates a more profitable and less time-consuming business int eraction. Consumer reaction, which is a determining factor of the impact and marketability of the product, is more easily determined. Will middlemen continue to exist? Nonetheless, middlemen will continue to exist. As Nick Gillespie (2000) pointed out the dreaded middlemen is not only incidental to the transaction, but an active participant who brings artist and audience together for a mutually satisfactory interaction. Aside from this fact, middlemen exist in various socio-economic relationships in capitalists systems. In artist-audience relation, the middlemen will continue to exist since it is concerned with the modification of the artists work and at times help in improving the quality of the product. For instance, as what Gillespie noted, brokers and other middlemen often add significant value to cultural offerings, especially for the audience such as the case when record labels and publishers convey meaningful information to potential buyers (2000). Is it `good` or `bad` that artists can reach audiences directly? Depending on the situation, the interaction between the artist and the audiences might either lead to a failure or a success. One good thing is the increased ability of the audience to communicate directly to the artist and vice versa. This way the artist can create more satisfaction by taking into consideration what the audience wants. Nonetheless, in a bigger picture, removing the middlemen might reduce the quality of the product. Moreover, the direct contact between artist and audiences might reduce the status and popularity of the artists since they are prone to more mistakes and are more liable to the audiences than before. References Author. (2009). Lecture Notes. Butler, J.S. (2005). Entrepreneurship and self-help among Black Americans: A reconsideration of race and economics. SUNY Press. Gillespe, Nick (2000, August/September). Cutting Out the Middlemen. ReasonOnLine. Reason Magazine. Perman, Stacy (2006, September, 7) How Artists Can Skip the Offline Middleman. Business Week.