STICK and a collapse in oil prices

STICK TO THE WORD LIMIT : 400-400-800Introduction:The United States of America (USA), is a federal republic composed of 50 states, 3.8 million square miles (9.8 million km2) and with over 325 million people, the United States is the world’s third largest country by total area.                                                                   According to the Census Bureau (United States department of commerce), median household income was $59,039 in 2016. After years of stagnant growth, in 2016, according to the Census, median household income reached a record high after two consecutive years of record growth.            United States helped found the OECD, Americans have benefited from their country’s strong voice and leadership role at the organization. With decisions of huge importance being made every day on complex matters like international taxation and making trade work for all, it made United States vital to have a seat at the table and to be fully engage in the process.There is importance of US support to the OECD as US contributed $ 71 million, America leads at the OECD it keeps American businesses competitive in the world.                                                                                       The US was simultaneously the world’s largest producer and consumer of oil; and the world market was dominated by a group of multinational companies, five of which were headquartered in the US following the breakup of John D. Rockefeller’s original Standard Oil monoply. Oil-exporting countries were eventually motivated to form OPEC as a counterweight to this concentration of political and economic power. During 2014–2015, OPEC members consistently exceeded their production ceiling. These developments led in turn to a plunge in US oil import requirements (moving closer to energy independence), a record volume of worldwide oil inventories, and a collapse in oil prices that continued into early 2016. As OPEC members grew weary of a multi-year supply contest with diminishing returns and shrinking financial reserves, the organization finally attempted its first production cut since 2008.                                                                                                           The U.S. GDP is the biggest in the world at 18 trillion-plus dollars, although BRICS combined has a GDP of 37 trillion dollars. The U.S. is not expected to make any headway on BRICS any time soon regarding economic growth, with its estimated growth to be around 2 percent over the next few years. BRICS is expected to see growth of around 5 percent. stronger militaries, especially those of China and India.                                             Energy-related carbon dioxide (CO2) emissions decreased by 89 million metric tons (MMmt), from 5,259 MMmt in 2015 to 5,170 MMmt in 2016. Although real gross domestic product (GDP) increased 1.5% over that period, other factors contributing to energy-related CO2 emissions more than offset the growth in GDP, leading to a 1.7% decline in energy-related CO2.                                                                                                  Analysis of INDCfeasibility (technical, economic and political) of meeting the commitments by the respective countries  INDC means intended nationally determined contributionsOn February 12 2016 a total of 161 and indcs were submitted to the unfccc. At the 21st conference of the parties to the unfccc in December, 2015 totally 195 countries adopted a Landmark agreement that is Paris agreement which introduces the very first universal legally binding climate treaty. It has moved away from clear differentiation between developed and developing countries towards a common framework for all the countries to put forward their best effortsThe three key objectives of Paris agreement As given in article 2 were like:Hold increasing Global average temperature too well below 2 degrees celsius industrial labels and pursue efforts to limit the increase to 1.5 degree CelsiusIncrease the ability to adopt the adverse impacts of climate change and faster climate resilience and low ghg emissions developmentMake financial flows consistent with the pathway towards  low GHG and climate resilient developmentAgreement made the parties to commit to pursue domestic measures with the aim of achieving the objectives of the indices but they are not legally bound to the implementation or achievement of their goalsIt should also include an analysis of the implications of the commitment vis-à-vis the historical role of the country in emitting CO2 as well as its current national circumstances. BackgroundIt was seen through studies that us can already meet at least half of its climate commitments given under the Paris agreement by 20:25 only if the 342 commitments included in the analysis are implementedFigure 1. U.S. Greenhouse Gas Emissions by Gas, 1990–2014This figure shows emissions of carbon dioxide, methane, nitrous oxide, and several fluorinated gases in the United States from 1990 to 2014. For consistency, emissions are expressed in million metric tons of carbon dioxide equivalents.* HFCs are hydrofluorocarbons, PFCs are perfluorocarbons, SF6 is sulfur hexafluoride, and NF3 is nitrogen trifluoride.Analysis has shown that because of the large size and their leaderships states like New York California and Colorado in USA and making major contribution to projected Greenhouse gas reductions. Businesses have extreme targets of reductions of 25% in the next ten years.Works CitedSchievelbein, Vernon, and Arthur Lee. “Global Greenhouse Gas Emissions Inventory Methodology.” SPE/EPA Exploration and Production Environmental Conference, 1999, doi:10.2118/52672-ms.Tennis, Abbey. “States Leading the Way on Climate Change Action: the View from the Northeast.” Creating a Climate for Change, pp. 416–430., doi:10.1017/cbo9780511535871.029.

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