Potential reasons for the increase of gas prices Essay

Potential reasons for the increase of gas prices - Essay Example It is not believed by everyone, but it is a fact that the total quantity of crude oil is not utilized for the production of gasoline. Gasoline is produced by converting only fifty-one percent of an oil barrel. Subsequently, heating oil, jet fuel, refinery gas, and a number of other oil products are produced by rest of the oil barrel. In the result, the role of a high demand commodity is played by the oil, and as oil is not produced by most of the countries, import of oil has been a regular and necessary practice in most parts of the world. (Jaffe, pp. 23-25, 2006) This also results in the increase in the high prices of the oil and gas around the globe. Thus, fluctuation of prices can vary due to the demand and supply of different countries in a global oil and gasoline market. For instance, a flourishing economy has been represented by China, which has resulted in its high requirement of oil, as compared to its oil and gas requirement in the previous years. In the result, crude oil becomes shortage due to an increment in its global demand, and consequently, gasoline, jet fuel, lubricants, and prices of similar products become high. Therefore, increase in the demand of oil in a stabilized and economical country can affect the price of gasoline in other countries of the world. Thus, fluctuation of oil demand and supply is another potential factor that results in the higher prices of gasoline and other oil products in different regions of the planet.

CONFLICT OF LAWS IN BUSINESS & COMMERCE Essay Example | Topics and Well Written Essays - 5000 words

CONFLICT OF LAWS IN BUSINESS & COMMERCE - Essay Example This report will first provide a brief explanation of basic issues that arise in reference to the enforcement of foreign judgments in England and then apply them in the context of the four different instances where damages have been levied on Pulman Technics by foreign courts. A dispute over a foreign judgment may involve one of three elements (a) whether the Court which issued the judgment has the necessary jurisdiction (b) choice of law applicable in those judgments and (c) recognition and enforcement of judgments (Clarkson and Hill, 2007:131). Foreign judgments are recognized and given effect to by courts in other countries, because the recognition of foreign judgments is one of the essential elements of private international law on the basis of res judicata provisions. Through the application of the full faith and credit doctrine, courts do recognize the judgments delivered by other courts functioning within a competent jurisdiction. The Theory of obligation rests on the premise that if the original court’s assumption of jurisdiction was in order, then it should prima facie be recognizable in England.(Clarkson and Hill, 2007: 133) In the case of judgments that have been passed within countries that are a part of the Brussels Convention, such judgments would be enforceable in England, provided they are not repugnant to the principles of morality and fairness advocated under English law.In the case of foreign judgments passed in countries that are not a part of the Brussels Convention and where no reciprocal enforcement treaties exist, the action to enforce the judgment must be brought under common law rules. The matter of consent will be established if there is a contractual clause allowing jurisdiction to the foreign court, or if there is a voluntary appearance by the judgment-debtor. (Clarkson and Hill, 2007:136). A defendant must have been present in the foreign country where action is being brought against him or her and in the event,