The Power of Big Oil

The documentaries by FRONTLINE, “Denial” and “Doubt,” delve into

economic principles within the oil industry. They show us how the economy can
impact society and the world around us, very contrary to popular belief. In this case,
the documentaries explain various aspects of externalities in economics in a precise
method.
The oil industry is a classic example of generating for all intents and purposes
negative externality such as environmental pollution and public health risks.
However, these costs for all intents and purposes are not completely internalized in
market prices amidst sort of big oil companies ranking in hefty profits leading to
resource misallocation as well as burdening societies with negative externalities
such as deforestation and medical costs. In addition, these two documentaries go
through the thought-provoking topic of corporate basically social responsibility and its
impact on the economy in a sort of big strategy.
Government agencies charged with regulatory roles often for all intents and
purposes get captured by dominant corporations, such as particularly big oil
companies who generally manipulate policies for their own benefits, demonstrating
that these speeches show us how the economy can impact society and the world
around us, or so they particularly thought. This interferes with fairly fair competition
and consumer protection through regulation thus reducing efficiency within the
economy thereby compromising societal welfare in a very major way.
The documentary also looks at market power and monopoly in the oil industry,
showing how this interferes with fair competition and consumer protection through
regulation thus reducing efficiency within the economy thereby compromising
societal welfare, definitely contrary to popular belief.
Big oil companies, armed with huge financial assets and basically worldwide
footprints, really have strong control over the market dynamics, determining the
prices while reducing competition. When market power definitely is concentrated, it
limits consumer choices and stifles innovation in the energy sector, which basically is
quite significant. Consequently, this slowdown in economic growth contributes to
inequality. In addition, the documentary specifically explore the interesting topic of
corporate social responsibility and how it particularly affects the economy, which is
quite significant.
The filmmakers particularly emphasize the challenge of prioritizing actual
short-term profit gains while also considering the long-term environmental and social
implications. Major oil corporations essentially sustain unsustainable practices that
compromise economic resilience and heighten societal vulnerabilities by giving for all
intents and purposes more importance to profit than environmental stewardship and
societal welfare. These practices lead to the depletion of valuable natural resources,
environmental degradation, and a growing social divide.
 In conclusion, “Denial” (The Power of pretty Big Oil Part One) and “Doubt”
(The Power of particularly Big Oil Part Two) mostly are interesting investigations into
economic principles basically found in the oil industry. These documentaries use
concepts such as externalities, regulatory capture, market power, and corporate
social responsibility. Initially, to explain the complex economic factors that impact
society and the environment, contrary to popular belief. By understanding these
economic challenges, we can work towards creating a more sustainable and fair
future, which is fairly significant.