Impact of Green Economy on the Oil Prices and Production

Abstract

Today, the green economy is a frequently encountered concept in the context of sustainable development, reductions of CO2 emissions from atmosphere and the efficient use of resources. In this paper, we will focus on the impact of the green economy in the oil industry, more precisely on the price and production of oil at the global level. We looked at the green economy through the lens of global electric car sales, trying to determine whether they had a more significant impact than the novel coronavirus pandemic on oil prices and production. We hope that the results of our research will show whether the green economy, in this nascent state, has a significant impact in the oil industry, or if it could have, under the conditions that cars with internal combustion engines would no longer be used.

Keywords

• green economy
• oil industry
• oil prices
• oil production