The Oil Has Been A Hot Commodity Essay - 2000 Words

Since the Industrial Revolution in the United States and around the world, crude oil has been a hot commodity – and unfortunately, a commodity that is non-renewable. An aspect of globalization has been the increase in the oil industry; with so many buyers for oil – gasoline companies for vehicles and machinery, especially – countries like Saudi Arabia, Russia, Iran, and other countries have become economic stars in the global economy. Up until recently, Africa had had few major producers of this precious liquid, until the twentieth century, specifically in Nigeria. In the small delta region of Nigeria exist over 40 ethnic groups with 250 distinct dialects, specific traditional religious and cultural practices, and, being first contacted by the Portuguese in the late 1400’s, a long history of western contact (Lagassà © 2000). The modern, overarching name for these groups is â€Å"Ijaw†, transmuted and then anglicized from â€Å"Izon†(also cal led â€Å"Ijon†, â€Å"Ijo†, or â€Å"Ujo†), meaning â€Å"truth† in their language (Ijaw Dictionary Project). They have existed harmoniously and prosperously in the delta region of Nigeria, practicing a vivacious lifestyle for centuries. However, since the 1950’s, when a wealth of natural oil was discovered in that region, these groups have been battling to preserve their health, culture, and peace in the face of a brutal globalization campaign led by oil companies and banking enterprises alike. Concerning the Nigerian Delta tribes’ history, there is a vast amount ofShow MoreRelatedThe Determinant Factors Of Equity Return1513 Words   |  7 Pagesbefore investing in financial instruments in any country (Chandran et al. 2011, p.1). On the other hand, the government needs to attract capital inflow to support some development investments (Hadad cited in Hermansyah 2016). 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