Patriotic reverence for the history Essay

Patriotic reverence for the history of a nation often does more to impede than toencourage progress History always brings with itself lots of experience. People always learn from their past. Butis relying on the history nation the right path to progress? Does our past always teach us theright lessons? What we do today will be past someday. Does that mean we will always end updoing right if we follow our history. The answer is no. Showing high patriotic reverencecannot always be the right path for a nation’s progress. Relying on history for our current needs would be nothing more than intuition. The situationwe have at our hands can be very different from that experienced in the past. The demandthen becomes to handle it with new ways and techniques. For example maintaining peace inthe world today is the most important factor for any country’s progress. If we look at history,nations earlier had a tendency to acquire and conquer as much as they can. The Germans inthe World War II killed millions of people in their neighboring countries in thirst of more andmore power. The world has witnessed many wars that have hampered progress. Thus theneed of the hour for all nations is to sit down and talk. Nations now need to have a friendlyattitude towards each other for maintaining progress. Nations have signed peace treaties,which includes the nuclear proliferation treaties. The nations have now started thinking of progress on a global prospective. The economic progress of a nation particularly developing countries has also been verydifferent from the past. The trends and graphs are very different from that in the past. Thecorporate world has been developing and expanding exponentially. The economic market isnow governed by new rules with no excerpts from the past. So, the demand of the hour cannot be met by completely relying on the past. But just learningfrom our experiences. If we refer to our past, we need to draw proper analogies between thetwo time variant situations. But this can be a very difficult task as the scenario and theessence of things for todays world are completely different.

Qualities of a Friend

Everyday we meet people. Many of them become instant acquaintances and most acquaintances bloom into friendship. Often this transition period occurs gradually. Friends come into ours lives and go. Few stay a while longer and fewer still leave footprints in our hearts and the sands of time. Who is a friend and what are the qualities a friend should possess? The definition of a friend and friendship varies with each individual. For me, a good friend is someone who understands me, accepts me for what I am and at the same time inspires me to do the best. At a personal level, a true friend should not give up on me, should always forgive my mistakes and never judge me by actions as sometimes my actions may be rash and inconsiderate. We live in a very competitive world. Most of us are caught up in the rat race of paper chase, mounting work pressure and demanding family commitments take a toll on our time and energy. Consequently most of us experience mood swings due to high expectations placed upon us. It is during times like these, when we are burdened with responsibilities and life seems to be an endless uphill struggle, that we seek the comforting words of a friend; a friend who urges you to pick up the pieces and move on. A good friend is always there to lend a helping hand or to lend us a shoulder to cry on. At the same time, a friend should be trustworthy and loyal. When friends trust us with secrets, we should never betray their confidence. No one can confide in someone whom he cannot trust to keep his secrets. True friendship is demanding. It requires loyalty, trust, empathy, support and understanding. However, one should never expect such virtues in a friend unless he is willing to offer these virtues in return. In other words, one must be a friend to have a friend. It may be impossible to find all these virtues in a single friend. However, should I come across such a friend; I shall treasure our friendship for life. As I reminisce about the good times I have shared with the best of my friends, the words of William Shakespeare keeps ringing in my ears. â€Å"The friends thou has, and their adoption tired, Grapple them to thy soul with hoops of steel. † Yes, friendship that has stood the test of time should be most revered and happy is the man who is blessed with such a friend.

Domino's Pizza VS. Pizza Hut Assignment Example | Topics and Well Written Essays - 5500 words

Domino's Pizza VS. Pizza Hut - Assignment Example Originally, the company was known as Dominick’s until it was purchased by Tom Monaghan who was the sole of owner of Domino’s. He saw some rapid growth in the company and after 38 years of success, Tom Monaghan sold over 90 percent share to Bain Capital Inc. The company stayed as a private limited company; however, after 6 more years, the shares were issued in the New York Stock Exchange under the symbol of DPZ. Since then, the company has been a hot attraction for investors. VLCEK, D. J., & DAVIDSON, J. P. (1992). The domino effect: how to grow sales, profits, and market share through super vision. Homewood, Ill, Business One Irwin. Papa John’s Pizza is another famous pizza delivery corporation in the U.S and is one of the largest pizza chains in the world. It is headquartered in Louisville, Kentucky. Papa John’s has also been growing internationally with over 500 franchises in more than 30 countries. Thin crust pizza has been the company’s specialt y since its start. The company is a public limited company with thirty percent of its shares with John Schnatter, the founder of the company. Fast food companies have been a major attraction for investors during the years as they see greater potential returns. Restaurants such as McDonalds have received a lot of positive reviews in terms of performance and now the investors are looking to invest in other food companies like Papa John/’s and Domino’s. FRANCHISEHELP, INC. (1998). Papa John's: better ingredients, better pizza. Elmsford, N.Y., FranchiseHelp. To compare different companies, the potential investors need to look at the final accounts of the company which include a profit and loss account/ Income statement, the balance sheet, and the cash flow statement. These are the 3 financial accounts that are enough for any investor if he/she needs to find compare 2 similar companies for a higher return. The financial statements measure the performance, the liquidity and the financial worth of the business which is essential for all future shareholders. However, the statements are not solely enough for the decision to invest. Ratio analysis has been widely used by several companies in order to make better decisions. These ratios can help an investor compare different companies for a higher return. As these 2 top fast food chains are public limited companies, their financial statements are available on their specific websites. This information needs to be disclosed as the trading is done in the stock exchange and the public needs to buy there share therefore; the information needs to be available to the public. The accounts for both the companies are drawn below with the latest data from the end of the last financial year of the company. Financia l accounts of both the pizza chains The income statement shows the performance of the business in terms of its basic operations. The profit that is made shows how efficient has the business been in the financial year. Domino’s Pizza Inc. Income Statement For the Years Ended January 3, January 2, 2010 $000 2011 $000 REVENUES: Domestic Company-owned stores

Organizational Management Term Paper Example | Topics and Well Written Essays - 2000 words

Organizational Management - Term Paper Example The range of theories on leadership highlights the multidimensional nature of the concept. However, the primary theories of leadership such as trait theory, behavioral theory, and contingency theory have more or less remained the same. This paper on Leadership Theories, studies the various theories of leadership against the background of U.S. military, and explores the manner in which these theories influence the various aspects of the military as an organization. The armed forces continuously seek to improve their efficiency and leadership by evaluating various forms of leadership and application of various leadership principles. In order to achieve effective leadership, the army relies on both the traditional as well as contemporary leadership theories and instances of effective leadership drawn from corporate organizations and applies the same within their own setting. According to the army, the term leadership is defined as â€Å"influencing people by providing purpose, directio n, and motivation, while operating to accomplish the mission and improve the organization† (NA, 2004, p.5). The various concepts and theories of leadership as it pertains to the U.S. Army are described in the following sections. Leadership in the U.S. Army: The army believes in effective leadership which aims to not only motivate the followers / soldiers but also ensure that they are trained appropriately to enhance their skills. The officers in the army are likely to encounter various critical situations in their day to day lives, and particularly in cases of war, where they are entrusted with a responsibility to lead their troops safely and successfully towards the final accomplishment of their missions. The leaders in the army, hence, are expected to motivate their followers, and apply their skill, personal and ethical values, tactical expertise and most of all, lead them fearlessly towards their common goals. Leadership as observed in various cases, comprises of a wide var iety of elements and characteristics, and hence in order to truly understand the true essence of leadership as applied in various forms of organizations and organizational sectors, it is essential to study various theories and models of leadership, as there is no single and right way to study leadership. It is multidimensional in nature, and every theory can be applied differently in different situations. It must be taken into consideration that in order to become a good leader, the application of various theories of leadership is essential, one theory alone cannot help in making a good and efficient leader. The primary theories of leadership, discussed in the following section, help in understanding various leadership theories and the various ways in which these leadership theories can be and are implemented by the U.S. Army. Primary Leadership theories: The primary theories of leadership include trait theory, behavior theory and contingency theory but for the purpose of this study other theories of leadership such as transformational theory and servant-leadership style, and the situational leadership theories are also included for a broader understanding. Trait theory Northhouse (2007, p.3) the term leadership refers to a process by which an individual seeks to influence the others for the accomplishment of a common goal. The leaders seek to motivate their subordinates to achieve the common organizational goals based on their own personal characteristics such as

Second Wave Feminism Essay Example | Topics and Well Written Essays - 1250 words

Second Wave Feminism - Essay Example The third wave stands on the shoulders of the second wave, finishing what they began, while creating a legacy for the next generation to come. The second wave stood on the shoulders of the first, recognizing the distance that women still had to go to find equality. The third wave fights the battles the second wave began. Second wave feminism has just ended, but already has made a profound impact on society. It is especially clear in literature. In the book Finding Fran by Lois Banner, the personal becomes political, as the reader sees how women in the 1950's find feminism, and how they react. In Rubyfruit Jungle, by Rita Mae Brown, the reader is taken on a journey to how lesbians had to live before the second wave, and why fighting for equality became so important to them. In Scars of Sweet Paradise, by Alice Echols, the reader is able to see how Janis Joplin lived, and died, because she did not fit into the mold society had created for women. And in Women in Modern America, also by Lois Banner, the reader sees how feminism has touched the lives of millions, and has become a fight for equality for everyone, not just radicals. Through these four books, the reader is able to see the many facets of second wave feminism, and is able to better understand the reasons behind the movement. The 1960's were a time for free love, revolution, and war protests. ... Women began the sexual revolution, demanding the right to choose their fate and sexual identities. Judy Chicago took her Dinner Party out into the world, demanding that women deserve a place at the table, and in the conversation. In New York, gays and lesbians demanded rights after Stonewall. Title IX allowed girls equal opportunities for sports in schools (Banner 2004). The National Organization of Women put out their statement of purpose, demanding We, men and women who hereby constitute ourselves as the National Organization for Women, believe that the time has come for a new movement toward true equality for all women in America, and toward a fully equal partnership of the sexes, as part of the world-wide revolution of human rights now taking place within and beyond our national borders. (Banner 2004) These changes help define the second wave as women and men who are unwilling to allow the country to stay the way it is. They insisted that things must change, and that everyone deserves a voice. For Rita Mae Brown, and other queer individuals, it was also time to take a stance. Second wave feminism allowed for not just the female majority to demand rights, but also the minority. The lesbians, the American Indian women, and the disabled were all actively involved in demanding rights. In discovering her sexual identity, Brown learned more about herself then she could have imagined. Her parents (Carrie and Carl) had adopted her, and from the beginning she knew she was a bastard. Her sexuality did not bother her, but it bothered others. "So now I wear this label 'Queer' emblazoned on my chest. Or I could always carve a scarlet "L" on my forehead. Why does everyone have to put you in a box and nail the lid on it" (Brown 1973). In

Human Resource Management practices and their impact Essay

Human Resource Management practices and their impact - Essay Example In other words an HRM policy and initiative based analysis is a near approximation of an otherwise intractable continuum which lacks definable contours and a logical conceptual framework of reference. While theoretical constructs underlying this approach have been presented as a uniform analysis there is very little attention being focused on the qualitative paradigm shift caused by the a priori and a posteriori catalytic changes. Thus the qualitative shift in this study is essentially based on these outcomes and the latest calibrations and/or benchmarks enunciated by researchers to establish a conceptual framework for analysis. This paper just focuses on the latest HRM related practices and their theoretical evolutionary process with reference to a company's operational environment at a global level. Multicultural workforces in the context of the modern business organization have been studied with specific reference to international Human Resource Management (HRM) practices. HRM according to Armstrong "is the strategic and coherent approach to the management of an organization's most valued assets - the people working there who individually and collectively contribute to the achievement of the objectives of the business" (Armstrong, 2006). HRM involves such tasks as recruitment, training & development (T&D) of skills, employee relations, retention and motivation strategies, workplace culture and delegation of power, authority and responsibility. Thus a far more strategic significance is assumed by its country-specific and organization-specific contexts than any other dimension.Business organizations operate in their respective environments as determined by organizational structure, culture, leadership style, strategic competitive environment and a host of other internal and exte rnal influences such as the regulatory framework (Handy, 1999). Given the degree of influence under these circumstances, each organization adopts its own leadership style with a view to achieving organizational goals such as profits, market share growth, higher share prices, quality improvements, brand loyalty, sustainability and benchmarks. These organizational goals can be divided into short term goals and long term goals. Theoretical and conceptual contingency model-based convergence/divergence approach to Human Resource Management (HRM) policies and initiatives has received greater attention in the current period due to highly articulate employee retention strategies at the individual firm level. Thus the model building effort in this analysis is based on the available literature on the subject at a global level along. In other words an HRM contingency model is a near approximation of an otherwise intractable continuum which lacks definable contours and a logical conceptual framework of reference. While theoretical constructs underlying this approach have been presented as a uniform analysis there is very little attention being focused on the qualitative paradigm shift caused by the a priori and a posteriori catalytic changes. Thus the qualitative shift in this study is essentially based on these outcomes and the latest calibrations and/or benchmarks enunciated by

History 2 Essay Example | Topics and Well Written Essays - 500 words

History 2 - Essay Example "Keep fear away from me, Varuna, and hold fast to me, O emperor of Order" (Rig Veda 28:6). This line proves that Aryans believed in things that cannot be physically proven like metaphysics and God. Believing in such things can't be adopted as a result of discovering physical evidence in the universe. The Aryan mythology believes that God appears "as embodiments of natural phenomena" and as "allegories of the internal forces in the human bosom" (Schroeder, 1938, p. 60). This idea results in the idea that humans and other natural phenomena are similar to each other (Schroeder, 1938, p. 60). Since god appears as natural phenomena and internal forces, this view made Indo-Aryans love god without the fear that can be found in other religions like Islam. Varuna isn't praised in the Rig Veda as much as God is praised in the Quran. Paul Deussen (n.d.) supports this theory. About this theory he says: "While with the Semites God is above all master and mankind his servant, with the Indogermans [Indo-Aryan] the idea of God as father and mankind as his children prevails" (Schroeder, 1938, p. 61). The 6th line mentions that Aryans fear something and they ask God Varuna to take that fear away. Some lines mention the things that Aryans feared including the 9th line: "Move far from me what sins I have committed: let me not suffer, King, for guilt of others.

Polaroid Advertising Campaign Essay Example | Topics and Well Written Essays - 2000 words

Polaroid Advertising Campaign - Essay Example This market arose due to the increased demand for technology products. It is at this time of history that the world war and competition for the world’s meager resources came to the peak. Technological growth also became a subject of importance an inventions became an order of the day. It is in record that at this point in history industrial revolution peaked (Qualters 2003). The company manufactures films and it is on record that the recent sales were about 50 films and over 100 types of cameras worldwide. The company is famous for instant film cameras that were replaced very recently in the year 2008 due to the onset of digital cameras because of digital technology (Porter 20005). For a start, Polaroid went through the growth phases that any newly established company could undergo. As have been noted above, the growth was propelled by apart from existence of adequate market; the competitors like Kodak Express also enabled the growth of the company. In fact, Polaroid, using it s strong strategies displaced Kodak from the market and made Kodak flee completely from the instant film technology field (Boone & Kurtz 2011). However much Polaroid posed stiff competition to its other competitors in their field of competition, there also existed other firms like the Nixon and Minolta who differentiated and specialized in pro ducts unique enough to file competition for Polaroid. This made Polaroid experience technical difficulties in their operations that resulted solely from competition from these firms. The state went as far as making Polaroid apply for bankruptcy state in the United States courts in the year 2001. The bankruptcy majorly affected their assets due to overtrading that the corporation was engaged in (Bushman 2010). Almost immediately, the firm undertook a reorganization exercise where it considered acquisition procedures, it approached several firms in a bid to strengthen its operations due to partnerships and mergers. This period could not allow Po laroid to be engaged in acquisitions. The company as a result needed to employ better strategies to increase its production of relevant products, the sales of such products to realize better revenue as well as engaging in cost reduction and minimization measures. One way that it identified could help it realize better returns was through thorough marketing campaign (Bushman 2010). Corporate/ Marketing Campaign Normally, corporate have both general and specific corporate objectives and marketing campaign strategies. The general major corporate objectives of any company are profit maximization objective for the shareholders to realize better returns in form of dividends. This is also geared towards ensuring that the investor confidence is busted and well directed (Cant, Strydom, & Jooste 2009). The other objective of establishing any corporate organization is to maximize the wealth off the shareholders. It is in the interest of any realistic shareholder to anticipate growth in form an d nature of their firm. This growth is only achievable if there is profitability and that part of the profits realized is reinvested in prospects like long-term assets that are meant to realize returns to the company. Polaroid during its formation had an objective of being the world leader in film technology. It also had the objective of diversifying its asset base by being one of the participants in

Slaughterhouse-Five by Kurt Vonnegut Essay Example for Free

Slaughterhouse-Five by Kurt Vonnegut Essay Slaughterhouse-Five by Kurt Vonnegut combines the themes of loss and determinism to create a story of the power of tragedy. The characters and events experience the inevitability of tragedy and begin to accept the fate granted, affecting their view of their own lives. Billy Pilgrim is a numb and senseless character after his experiences in WWII; witnessing the bombing of Dresden triggered the concept that the he cannot change circumstances which therefore causes him to no longer participate in his life. Everything becomes insignificant, his view of death best showcases this stating carelessly, â€Å"so it goes† over 100 times through the novel, whether talking about the death of microbes in his jacket or the incomparable Martin Luther King Jr.; because to Billy, it is all the same. He accepts tragedies and views life as a helpless place therefore becoming discouraged from proactively seeking change and happiness. Similarly, the Tralfamadorian’s believe all events are out of their control and inevitable. They live without guilt because in their world, everything is meant to be, â€Å"There isn’t anything we can do about them (wars). So we simply don’t look at them. We ignore them.† (Vonnegut 101) The Tralfamadorians live in ignorance, not feeling the need or ability to influence events and view life as predetermined and unalterable. It can be argued that this outlook leaves it’s beholders oppressed and feeling powerless, in the way many readers view Billy, after the Tralfamadorian’s share this philosophy with him. This negative view of life is fueled by their accepting attitude and waves them of the responsibility such as preventing accidents like the end of the world from occurring. The lack of decision making and ignorance becomes deeply rooted in their fatalistic thoughts and damages positive feelings towards life. Billy and the Tralfamadorian’s mirror Vonnegut’s experiences and emotions, acting as an anchor to reality. Due to this Vonnegut serves as an ideal real world example of the effects of acceptance. Slaughterhouse-Five is a work entirely based on how Vonnegut understands life now, accepting the horrors of war and their impacts as his reality along with their side effects such as alcoholism and sadness. Vonnegut chooses to begin his novel with a bird singing, â€Å"Poo-tee-weet?†(Vonnegut 19) and ends Billy’s story  with the bird once again repeating itself. The bird is a meaningless limerick formed in Vonnegut mind to show how life just continues to pointlessly repeat. The entire novel is Vonnegut’s way of accepting and retelling tragedy and through each character and his own prologue it can be inferred Vonnegut views his life as a place which is no longer joyful and significant. Slaughterhouse-Five is a key literary example surrounding the negativity of how accepting events without inquiry allows people to forfeit both guilt and responsibility. In this book it is apparent the acceptance of tragedy effects the views of one’s life to become pointless and unhappy, consequently resulting in lack of motivation and then ignorance; discouraging a culture of growth and happiness.

Structure And Organization Of The Petroleum Industry Economics Essay

Structure And Organization Of The Petroleum Industry Economics Essay From driving industries globally to heating our homes and fuelling our cars, oil plays a major role in our lives as consumers but most people are yet to ask themselves how the industry that produces this oil has evolved to what it is now. The petroleum industry has evolved overtime and the use of its products has also grown to become an essential part of todays global economy (Business and Economic Research Advisor, 2006). The petroleum industry is involved in the global business of discovering oil, extracting it from the subsurface, refining it into a variety of useable products, distributing it through pipelines and oil tankers, and finally marketing it for public use (Wikipedia, 2010). While some companies in the industry (integrated companies) perform all these functions, others only perform one or some of them (independents) (Davies, 1999). The source of energy that currently provides most of the worlds energy demands as well as raw material that the petroleum and chemical industries refine into a variety of essential industrial and chemical products came with the development of the petroleum industry in the nineteenth and twentieth century. These products include amongst others fertilizers, pesticides, solvents, pharmaceuticals and plastics. Products derived from crude oil refining are grouped into gasoline (motor spirit/fuel), heating oil, middle distillates (jet fuel, diesel for vehicles and other motor engines), kerosene for cooking and fuel oil (boiler fuel for industry, power and shipping). According to the American Petroleum Institute, the industry is divided into sectors that cover all the procedures involved in finding, producing, processing, transporting and marketing oil and gas. These include: upstream- involved in exploration and production of oil and gas using advanced geology to high-tech offshore drilling platforms; downstream- involved in refining and marketing. It also includes the transportation of products using tankers from local terminals to service stations and ownership and operations in retail outlets; pipeline- involved in the movement of oil from ocean platforms and wells on land to refineries and finally to terminals where they are released to retail outlets; marine- comprises all aspects of petroleum and its products movement by water, including port operations, maritime fighting and oil spill response; service and supply- includes companies that provide supplies, services, design and engineering support for exploration, drilling, refining and oth er operations. Prior to oil being commercially discovered and drilled in 1859 in Titusville, Pennsylvania, which saw the birth of the modern petroleum industry, natural petroleum served the primary purpose of kerosene for lighting and heating. In the early twentieth century, the use of coal as the worlds primary energy source was eventually replaced by oil and as gasoline for the newly invented internal combustion engine (Jones, 2005). Oil and gas development has evolved overtime. Their use has also grown to become an essential part of todays global economy. As oil and gas powers todays economy, its availability and control was important in both world wars and it still remains the critical fuel source that powers industry and transportation (BERA, 2006). With oil being commercially available in the US, the first major oil company, the Standard Oil Company was formed by J.D Rockefeller in 1870 and United States became the worlds giant in oil production until the end of World War two when the Middle East countries took the lead. The post world war era witnessed the union of Anglo-Saxon companies called the Seven Sisters as coined by Enrico Mattei, an Italian entrepreneur. They included four companies and three others ( Standard Oil Companies of New Jersey- Esso, New York- SOCONY, and California- SOCAL) formed by the break-up of Standard Oil Company in 1911 by the U.S government when the Companys operations were declared monopolistic and infringing the Countrys unique antitrust law as of then (Jones, 2005). The Seven sisters were vertically integrated international companies according to Jones (2005) that arose because of the need to ensure efficient operations of the refineries to assure and manage oil flows, secure outlets for crude oil and adjust to short-run changes in the demand for different products in different areas. They were involved at all stages in the industry from exploration and production of crude oil to marketing the products to its final consumers. They also diversified into fertilizers, pe trochemicals and other industries that utilized petroleum derivatives as raw materials. Except in North America and the communist countries, the seven sisters were responsible for 85% of gross crude oil production and 72% of refinery globally in the 1950s and they all made the list in the 1956 ranking of the worlds largest industrial firms by revenue (Jones, 2005). Intra-firm trades and the vertically integrated status of the multinationals had began to decline at the beginning of the 1950s as host governments policies to increase ownership and control over resources did not favour them. This was the period of nationalization with the majors, who had been strong players in the Middle East and other OPEC (Organization of Petroleum Exporting Countries) countries, being dealt massive blows by the nationalization of assets in the Middle East and other countries (Davies, 1999). From the late 1960s, this trend led to the expropriation of foreign assets (nationalization without compensation) and the formation of national cartels intended to enhance the bargaining power of host countries against the seven sisters. A typical case was the formation of OPEC in 1960 by Iraq, Kuwait, Iran, Venezuela and Saudi Arabia. They were involved in product pricing and quota sharing but overtime their influence was no more successful than the seven sisters in price re gulation in the long-run (Jones, 2005). The state owned national oil companies sprung up as a result of the nationalization during this period and foreign ownership of resources declined. Significant in the industrys development in the 70s and 80s was a change in the corporate structure of the industry and the policies of the host governments. New entrants emerged as the industry became more global in nature. Other world markets in Europe, Asia and Russia and began to play a much greater role and the seven sisters now had competitors. Amongst these were the U.S European State-owned oil companies like ENI, Italys AGIP and Frances CFP. Others who joined the competition for concession and market were independents like the U.S Occidental, Getty Oil, Continental and Amerada. Their involvement, increased the bargaining power of producer governments, weakened the control of multinationals over world oil prices and made the industry highly competitive forcing the incumbent multinationals to diversify into other industries but this was hardly successful (Jones, 2005). Despite the extensive global changes in the technology, markets and geopolitics, the structure of the industry had remained fairly intact some few years ago but in 1998/99 a period of corporate consolidation was introduced bring an abrupt end to this era of fair constancy (Davies,1999). From a series of mergers and acquisition between 1998 and 2002 in response to a severe deflation in oil prices was the emergence of the super majors in the industry. They included non-state owned companies like British Petroleum (BP), Total, ConocoPhilips, Royal Dutch Shell, ExxonMobil and Chevron. In an attempt to hedge against oil price volatility, improve economies of scale and reduce large cash reserves through reinvestment, they began merging in the nineties. BP acquired Amoco in 1998. From a merger of Esso and Mobil, ExxonMobil arose in 1999. Total Fina Elf arose from the merger between Total, Petrofina and Elf Aquitaine in 2000. A merger of Chevron and Texaco in 2001 created Chevron Texaco and finally in 2002 Conoco Inc. and Philips Petroleum Company became ConocoPhilips (Wikipedia, 2010). In some cases, these mergers at the micro-level increased profit but they were insufficient at having a major impact upon corporate level returns and profitability (Davie, 1999). Presently, the only survivors of the seven sisters are BP, Shell, ExxonMobil and Chevron contributing only 10% of the worlds oil and gas production and they hold only 3% of reserves with the states from developing countries owning the remainder. This notwithstanding, their integrated nature pushes their revenue higher than those of the new entrants (Jones, 2005). An interesting development as reported by the financial times of March 11, 2007 is the existence of the new seven sisters. They have become the most influential state-owned companies controlling nearly a third of the worlds oil and gas production. They include Gazprom (Russia), National Iranian Oil Company (Iran), Saudi Aramco (Saudi Arabia), Petroliam Nasional Berhad (Malaysia), China National Petroleum Company (CNPC), Petroleos de Venezuela, (Venezuela) and Petroleo Brasileiro, Brazil (Wikipedia, 2010). From current trend of events, the industry is still evolving and further change is anticipated by some factors discussed herein. Firstly, oil reserves will decline because of the increased demand for petroleum resources globally. This will prove the Peak oil theory propounded by M. Hubbert in 1965. Regrettably, this has been unsubstantiated because of the continuous oil finds being made in other parts of the world and technological advancement which has allowed old oilfields once thought as depleted to be produced. Secondly, exploring in some parts of the world where finds has been made will require complex and cutting-edge technology making exploration difficult, expensive and highly risky. This may only favour the large companies as they will be equipped financially and technologically. Thirdly, the future petroleum industry will be increasingly competitive for oil prospect which may favour the super majors as they possess more technical know-how, finance and popularity. Nevertheless, the nationally-owned companies (NOCs) may be a strong match for them as they are supported by their state governments and also have the wherewithal to seek for concession. Fourthly, the wish of some countries to create their own oil companies and the concern about energy security is likely to increase resource nationalism in the near future. Unfortunately, this will be a minus for the super majors but a plus for the NOCs. As aftermaths of these possible future changes, there are likely to be more mergers and acquisitions, drop in the quota contributed by the individually-owned multinationals, shift of investment from petroleum to alternative energy forms and complete diversification of the majors from production to become companies servicing the NOCs. In conclusion, the petroleum industry plays a vital role in driving worldwide economy because its resources are considered amongst the worlds most important. This importance attached to petroleum would be reduced if the world diversified to alternative energy forms, some of which are renewable. This will not only reduce the influence of the industrys giant but it will also prolong the life of petroleum reserves, encourage the use of alternative energy such as natural gas, wind and nuclear power, and make our environments safe by reducing air pollution, global warming, acid rain and other environmental issues. Despite participation by the NOCs in international oil markets, the industrys boundaries have widened. There are potentials for the majors to improve their profitability but they will not have the unique advantages that could allow them dominate the industry (Davies, 1999). From the popular saying, change is the only constant thing in nature, the petroleum industry has had its fair share of structural and organizational changes over the past years, which has resulted in the industry having the state-owned companies, five supermajors, over a dozen large independents (e.g Amerada Hess, Marathon etc) and small independents (e.g Anadarko, Talisman, Lasco, British Borneo etc) and the specialist firms (e.g Schlumberger, Weatherford, Halliburton etc) as its current structure.