The paper 'The Products of the Oil and Gas Sector in Today’ s Life' is a perfect example of a business case study. This paper focuses on the sustainability challenges in the oil and gas industry. The products of the oil and gas sector are essential. The products today are being used in the transportation and production of primary materials. World’ s population is rapidly increasing and thus increasing the demand for oil and gas products. As a result, it is becoming a concern due to depletion of the resources and the risks involved, such as spills and methane gas release that causes global warming. This paper also looks extensively into the management of ethical risk to reduce accidents in the oil and gas industry.
It also uses the example of BP, Exxon Valdez, and hydraulic fracturing to compare the risks that the oil and industry faces. The paper is concluded by considering the improvement needed in the oil and gas industry to protect against environmental calamities. The improvement will be achieved if ethical leadership is applied in all levels of management in risk management. Sustainability explores the economic growth while at the same time ensuring the environment is taken care of as well as ensuring social equity.
Sustainable growth is attained when a company creates considerable economic value in its working environment. Consequently, it is necessary to ensure sustainable economic growth does not cause problems in the economy through depleting resources available for generations to come (Anis and Siddiqui, 2015). Exploration of oil and gas is the primary economic driver in many countries today. In the contemporary world, oil has been used in power stations to produce electrical energy through oil combustion to be used in businesses and homes.
For example, 40% of the United States population uses oil as a primary source of fuel. The products are also used in the manufacture of plastics, fertilizers, and pharmaceuticals (Maslova and Savkin, 2017). Despite oil being used predominantly for home heating and transportation purposes, the increased fuel consumption can be attributed to increased production of electricity in several power plants and thus cause harmful effects to the environment.
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