New Study Shows OPEC Policies Have Reduced Volatility

Based in Miami Dade County, Florida, Macmillan Oil Company has served as a distributor of high-quality fuels and lubricants for nearly 70 years. Offering personalized service and competitive prices to customers in Central and Southern Florida, Macmillan Oil Company’s loyal customer base includes clients in government, transit, aviation, agriculture, and residential sectors.

A recent study published by the International Association of Energy Economics evaluated the impact of OPEC (Organization of the Petroleum Exporting Countries) moves to stabilize the oil market. OPEC is an intergovernmental organization of 13 nations that sets oil prices and represents the interests of member countries.

Analyzing the performance of the oil industry between 2001 and 2014, the study found that OPEC’s policies during this time reduced oil volatility by 25 to 50 percent and resulted in an average $175 billion annual increase in the global gross domestic product (GDP).

The regions that received the post-economic benefit from oil during this time are the European Union ($59.4 billion), the United States ($39.4 billion), and China ($30.9 billion). The remaining $45.6 billion in GDP was distributed among other oil-producing nations.

Conference USA Supports Collegiate Basketball

Macmillan Oil Company partners with fuel companies across several sectors, including aviation, government, transit, agricultural, and residential, to distribute petroleum and petroleum products. Headquartered in South Florida, Macmillan Oil Company is also a supporter of Florida International University's basketball program, which is part of Conference USA.

Established in 1995, Conference USA has hosted 25 seasons of collegiate sporting. The organization's headquarters are located in Irving, Texas. In addition to Florida International University, college men's basketball teams belonging to the conference include the University of North Texas, Florida Atlantic University, the University of Southern Mississippi, Marshall University, and nine other schools.

Throughout the history of Conference USA, the organization has supported 137 teams during the postseason. One team in the conference has appeared in a national championship game, while three teams have participated in the Final Four level of the National Collegiate Athletic Associations March Madness tournament.

As of March 12, 2020, all sporting events hosted by Conference USA were suspended due to the threat of COVID-19. As part of the announcement, the conference effectively canceled the 2020 basketball championship as well.

Explore Offshore - Accessing Florida’s Energy Resources

Florida-based Macmillan Oil Company has been serving Central and South Florida since the early 1950s. An oil and lubricants distributor, Macmillan Oil Company's clients include retail, governmental, industrial, aviation, and maritime organizations.

In recent years, a coalition of lawmakers and other advocates have been pushing to explore offshore drilling possibilities off the coast of Florida. Dubbed “Explore Offshore,” the movement is expected to explore the coastline some 120 miles off the Florida coast for untapped oil and gas resources.

Detractors of oil exploration off the coast of Florida say that the Horizon 2010 disaster is reason enough to not explore - with some environmental activists pointing to the lingering environmental impact on the area and on tourism. However, many who support the coalition say that newer technologies in oil and gas extraction can prevent some of the problems that culminated in the oil spill.

Not only does the coalition face opposition from environmentalists, but they would also have to get permission from the military. The area in question is 125 miles off the coast and is a part of federal waters where military training exercises are held.

Even with these impediments, Explore Offshore might result in additional benefits for the state. For one, if this research culminates in offshore drilling, then Florida’s economy would be positively impacted through employment. Experts predict that offshore drilling in the federal waters off the coast would provide over 56,000 jobs to Florida in the next 15 years, which would translate into $2.6 billion a year.

The Oil Industry’s Response to Climate Change Criticism

Hialeah, Florida-based MacMillan Oil Company has serviced South and Central Florida’s fuel needs since 1951. MacMillan Oil Company’s primary function is to distribute oil to retail, government, residential, industrial, and agricultural users, among other entities.

Oil has been a part of the American discourse since becoming a vehicle for transportation. American reliance on oil has gradually increased over the years with some states (i.e. California) creating emissions laws as a result of the smog that results from freeway traffic. In Florida, tourism contributes to the state is third in the amount of fuel used for cars and sixth for use of jet fuel, illustrating American reliance on oil in other parts of the country.

In recent years, though, the entire industry’s reputation has suffered from criticisms related to climate change. Much of this criticism relates to the fact that many in the environmentalist community believe that oil companies are not willing to make improvements to save profits. Others say change is not coming fast enough.

Amid this criticism, there has been an effort to change the impact that burning fossil fuels, namely oil, has on the planet. For one, a number of the major oil companies have already acknowledged the need to take corrective (preventative) action to counteract the effects of burning fossil fuels on the environment. Moreover, these companies are researching ways to reduce the effects of fossil fuel.

Much of the research and efforts have focused on reducing the amount of methane released in the environment and finding ways to counteract fuel emissions. Methane emissions occur when oil is drilled out of the ground and transported, and companies are finding ways to reduce these emissions. Other companies decided that planting trees can counteract the effects of fuel extraction. For example, a company in Italy has decided that developing a large forest will reduce emissions to net-zero by 2030.