Factors That Affect the Market Price of Oil

Factors That Affect the Market Price of Oil THE FACTORS THAT AFFECT THE MARKET PRICE OF A PRODUCT SUCH AS THE WORLD PRICE OF OIL IN THE PAST TWO DECADES. BRIEF: 103737 INTRODUCTION In order to have a good understanding of the factors that affect the market price of a product, one will first need to grasp the meaning of what a market is. A market can be defined as an area over which buyers and sellers negotiate the exchange of some product or related group of products. It must be possible, therefore, for buyers and sellers to communicate with each other and to make meaningful deals over the whole market. Individual markets differ in the degree of competition among the various buyers and sellers. In some cases where the number of buyers and sellers is sufficiently large no one of them will have any appreciable influence on price. This is what is known as a perfectly competitive market. However, for the purposes of this essay we will stick to the concept of a market. Using the table below we will show how the market price of a product (bread) is affected. Demand and supply schedules for eggs and equilibrium price From the table above we can see that the quantity demanded is much higher than the quantity supplied at 110 and 5 and the price is  £0.50. This shows an excess demand of 105. When the quantity demanded is 90 and the amount supplied to the market is 46, we have excess demand of 44 we correspondingly have a market price of 1. However, when the quantity demanded is 77.5 and the quantity supplied is 77.5, the market price for bread is  £1.50. At this point the quantity demanded is the same as the quantity supplied. At such a price consumers wish to buy exactly the same amounts as the producers wish to sell, this is known as the equilibrium price. At prices above  £1.50 the quantity supplied exceeds quantity demanded. Furthermore, the higher the price, the lower the excess of quantity demanded over quantity supplied. The amount by which the quantity demanded exceeds the quantity supplied is called the excess demand, which is defined as quantity demanded minus quantity supplied (qd à ¢â‚¬â€œ qs). This is shown in the last column of the table. Finally, consider prices higher than  £1.50. At these prices consumers wish to buy less than producers wish to sell. Thus, quantity supplied exceeds quantity demanded. Furthermore, the higher the price, the larger the excess of one over the other. In this case there is negative excess demand (qd – qs Now that we have understood the factors that affect the market price of a product, we can now move on to talk about the factors that affect the fluctuations in the price of oil for the past two decades. In 1985, the price of oil (Saudi Arabian Light) was $27.53 per barrel[1] (yearly average). The price of oil during this period was falling, in which in 1986, the Saudi’s abandoned the swing producer role because they had the largest reserves of oil and capacity utilization to stabilize the price of oil when there was a shortage in the world oil market. By 1987, the price of oil had dropped to $16.95. In 1988, it dropped further to $13.27 and $15.62 in 1989. In 1990, Iraq invaded Kuwait in what turned out to be a huge blow to the stable price of oil. The oil price rose to $20.45 per barrel. The major reason for this is that both Iraq and Kuwait were members of OPEC and due to the war there was a shortage of oil in the world oil market which led to an increase in the price of oil. Between 1990 and 1991 America launched operation desert storm, which was to help Kuwait against Iraq. This also contributed to the rise in the price of oil as America is the largest consumer of oil, an d they needed it during the military campaign of operation desert storm. In 1991 and 1992, the price of oil decreased to $16.63 and $17.16 respectively. In 1993, it fell again to $14.95 and $14.74 in 1994. In 1995, the price rose to $16.10, and in 1996 it shot up to $18.52. In 1998, the price initially dropped to $12.21 but shot back up again to $17.25 in 1999. The main reason for this during this period was that there was an Asian economic crisis; the Iraq oil-for-food programme which helped in stabilizing the price of oil in 1998. In 2000, the price of oil leaped to an astounding $26.20. The reason for this was that due to the decline in the price of oil OPEC members decided to cut back production in order to stabilize the price of oil, before it went below the amount various member countries of OPEC will be able to cover the cost of producing oil. In 2001, the price decreased to $22.81, and in the same year (Sept. 11th) there was an attack in the US which destroyed the world trad e centre. In 2002 to 2003, the price of oil rose to $23.74, and $26.78 respectively. This came about due to strong demand growth mainly from countries like China, and India, in which in 2004, the price of oil jumped to an ecstatic $33.64. In the present year of 2005, the monthly average of the price of oil has reached $63 a barrel. However, for reasons to do with accuracy, we have decided not to use 2005 figures since we are still in the year. The following graph represents the trend in the world price of oil over the past two decades. Data source: BP Statistical Review of World Energy, June 2005. On the supply side, the main players in the crude oil market are OPEC, which currently provides about 40 percent of world supply and hold about 70 percent of proven oil reserves, and non-OPEC producers who own the rest. OPEC as the marginal supplier does act like a cartel in most cases, i.e. they collude to restrict the output of oil and raise the price far above their cost. In recent years, its policy has been to balance the market while allowing for an appropriate level of crude oil inventories in consuming nations. Non-OPEC producers, on the other hand, have relatively limited reserves and spare capacity, and generally behave as price takers. Currently, the estimated reserves of OPEC are 890 billion barrels, as opposed to 177 million barrels for non-OPEC members. In the latter years, world events such as the Iran and Iraq war, the Asian economic crisis, the invasion of Kuwait by Iraq, and corporate social responsibility such as country legislation which regard environmental pollut ion as high on the agenda (in some country’s environmental pollution is stricter than others in order to produce oil, e.g. Nigeria has a less stricter environmental pollution legislation compared to Saudi Arabia) have all contributed to the fluctuations in the world price of oil. However, of recent, the strong demand growth from Asia and China in particular can be said to be the reason why the price of oil is rising. The consumption of oil in 2004 grew by 2.9 million barrels a day (mbd) (3.7 percent of which China contributed about 1 mbd) relative to 2003, which can be said to be the largest increase in the past 20 years. With notable exceptions of Iraq, Russia, and Saudi Arabia, the world’s oil producers may be close to their short-run output capacity. Thereby, continuing increases in demand and the possibility of even minor disruptions (Hurricane Katrina (US), Industrial disputes (Nigeria), environmental concerns (Nigeria)) in supply thus help in explaining the high market price for oil. Investment in refining capacity has been too low, and a mismatch has emerged between the type of refining capacity now required and what is available. For sometime, world oil demand has been driven by high-quality light crude (oil of low density or containing a low wax content, which makes production and refining easier) and by sweet crude (oil with a low sulphur content). Recent additions to production capacity by OPEC have though largely been in the heavy and sour grades of crude, which are more difficult and costly to refine. This lack of investment in appropriate refining capacity and limited substitution possibilities has pushed the retail price of oil up. Another reason which can be said to this lack of investment by OPEC members is a price collapse. When demand falls and the quotas allocated to member OPEC countries breaks down, the price can drop dramatically. For example, in 1997, OPEC raised its production ceiling by 2.5 million barrels per day in ant icipation of growing Asian demand, but the currency crisis of late 1997 instead caused Asian demand to fall. The result was a market price in 1998 that dipped to as low as $12.21 per barrel, the lowest level since 1973, and a $51 billion year over year reduction in oil revenue. In addition given continued uncertainty over the pace of China’s economic development, OPEC may be cautious in expanding supply capabilities due to this. This uncertainty of slow or minimal investment contributes to high futures prices for oil delivery several years ahead. One should also note that since 1986, most oil exporting countries have been burning more oil than they have discovered and since 1998, there has been a fragile balance between supply and demand. Oil is being found at a lower rate than what has been consumed, i.e. we are finding reserves at 7 billion while consuming oil at 30 billion barrels per annum (Exxon-Mobil estimates), hence the law of price adjustment and equilibrium can be s aid to have taken place. SUMMARY AND CONCLUSION This paper has looked at the definition of what a market is. We have also mentioned the concepts of demand and supply with regards to equilibrium and the law of price adjustment. The erratic movement in the price of oil in the past two decades are also looked at. Issues of what factors cause fluctuations in the price of oil such as, the lack of investment by various OPEC member countries into oil production so as to keep up with the world demand of oil, the increasing demand of oil from Asia and the Peoples Republic of China, and the uncertainty of the oil market are all mentioned. It will be worthwhile to conclude that although at present these factors seem to be the norm that affects the price of oil, one should be more cautious into the future, as with hindsight these factors could become obsolete with time passing by. Potential factors which could turn out to be embedded in the future range from alternative sources of energy to synthetic fuels, in which in the long term the demand of oil will continue to exceed supply until the previous mentioned becomes entrenched in most economies. BIBLIOGRAPHY Asian Development Outlook, (2005), The challenge of higher oil prices. BP Statistical Review of World Energy, (2005), Putting energy in the spotlight. Berkmen, P., Ouliaris, S., and Samiei, H., (2005), The structure of the oil market and causes of high prices, research department, International Monetary Fund. Chrystal, K.A., and Lipsey, R.G., (2004), Economics, Tenth Edition, Oxford printing press. International Energy Agency, (2004), Analysis of the impact of high oil prices on the Global economy. www.iea.org/textbase/papers/2004/high_oil_prices.pdf. International Monetary Agency, (2004), Analysis of the impact of high oil prices on the global economy, research department, December. Saxton, J., (2005), Explaining the high price of oil, Joint Economic Committee, Research Report, United States Congress. Serrapere, J., (2005), Crude Oil – Energy and Market Outlook, September. APPENDICES Source: BP Statistical review data 2005 The following table since 1999 shows that there has been no ‘Real’ excess oil supply. Estimated Annual World Oil Demand Growth 2000 – 2005 (million barrels daily) % Change Source: IEA monthly oil report July, 2005. 1 Footnotes [1] The reason we have used US dollars is that it is predominantly used internationally as the currency to benchmark trade.

Principles of Anatomy and Physiology Essay

A tissue is an assemblage of similar cells and cell products performing a specific activity and are located in different organs of the body. Tissues form the building blocks of an organism. They are composed of individual cells which consequently are composed of several organelles. There are four types of tissues in animals and they include the epithelial, muscular, nervous and connective tissue. The images of the various tissue types as viewed under a light microscope have been attached below. The Epithelial tissue covers the body surface and is also the lining for most internal cavities. The skin is an example of an organ made up of this tissue. They are either columnar, squamous or cuboidal in shape. The major functions of epithelial tissue are protection, absorption, filtration and secretion. This tissue is found in the kidney. The connective tissue is responsible for connecting various organs in our body. It is the most widely spread in the body. Examples include fat tissue, blood tissue, and dense fibrous tissue amongst others. The muscle tissue is responsible for muscular movement and coordination. There are three types and they include smooth, skeletal and cardiac muscle tissue. Smooth and cardiac muscle are involuntary meaning they do not require direct commands from the brain. Skeletal muscle on the other hand is under voluntary control and this means that it needs to be commanded on what to do. The nerve tissue is composed of cells that receive and conduct impulses to and from all parts of the body. It’s composed of organelles whose major task is to allow passage and receiving of information. Task 3. There are two classification of cells; prokaryotes and eukaryotes. By classifying under kingdoms, the prokaryote kingdom refers to bacteria while eukaryotes include animals, plants, fungi and protoctista. Eukaryotes are organisms whose cells are in-bound by membranes and a cytoskeleton. They have a ‘true’ nucleus that contains their DNA. The organelles in prokaryotes are not membrane bound. Most happen to be unicellular though some are multicellular. Prokaryotic cells are much older and diverse than eukaryotic cells as they’re believed to have been there for millions of years. The organelles found in both cells perform specific functions and influence the overall task of the tissue. The table below mentions certain organelles, their function and whether they are found in prokaryotes or eukaryotes. Organelle Function Cell Found Golgi Body Transports proteins from the Rough Endoplasmic Reticulum to the cell membrane for export. Eukaryotes. Lysosome Contain digestive enzymes that break down unwanted chemicals toxins or even the entire cell. Eukaryotes. Cell Wall Separates the content of the cell from the outside environment and thus controlling the exit and entry of materials. Offers rigidity to the cell. Mostly found in Prokaryotes. Nucleus Contains DNA that carries the genes of the cell. It’s not membrane bound in prokaryotes or a nucleoid. Both prokaryotes and eukaryotes. Ribosomes Responsible for protein synthesis. In Eukaryotes, they’re larger (80S) while in Prokaryotes, they are smaller (70S) type. Both prokaryotes and eukaryotes. Endoplasmic Reticulum Form a transport highway within the cell allowing movement of molecules. Plays an important role in protein synthesis. Composed of RER and (Smooth endoplasmic reticulum) SER. Eukaryotes. Cytoskeleton Protein fibers extending through cells to offer support, transport and motility. Allows for cytoplasmic streaming. Eukaryotes. Mitochondria Allows for aerobic respiration. Provision of energy through the breakdown of glucose. Eukaryotes. Flagella Responsible for propelling and movement activities. It’s complex in eukaryotes and consists of two protein building blocks. Both prokaryotes and Eukaryotes. Task 4.Different cell components in a tissue influences the function of that tissue. As each has a specific role which it undertakes, the synchrony of these activities enable a tissue to perform the overall specialized task that it is supposed to handle. The number of various cell components will depend on the general function of the tissue. Cell differentiation is the process whereby a less specialized cell becomes more specialized. Differentiation occurs continually in a multicellular organism. It is important as it enables adult cells to give rise to daughter cells which in turn become specialized to perform a certain function. Each type of cell that develops creates tissue-specific proteins only available in that cell type. Cells need to have different structures as they perform different functions. During differentiation, the shape and structure of the cell changes. As stated earlier, the number of certain cell components/organelles in a tissue influences the overall role of the tissue. Take for example mitochondrion; structures that convert food energy into a form that can easily be used by cells. Through respiration, energy is released from glucose and is used for various body processes. Tissues that require large amounts of energy will always have a high number of mitochondrion. An example is the muscle tissue. The energy requirements of voluntary and involuntary muscles is high. This thus creates an energy deficit that is compensated by an increase in the number of mitochondrion in these tissues. Task 5.The muscle tissue is comprised of cells whose purpose is contraction. They contract upon receiving a stimulus by a chemical released at a nerve end known as a neuromuscular junction. All cells contain actin or myosin proteins in their filaments. There are three types of muscle tissue; cardiac, smooth and skeletal and each have their distinct characteristics. In skeletal and cardiac muscles, these filaments contain desmin resulting into refractile bands called cross-striations. Smooth muscle cells however are not highly ordered and thus are not striated. The different types of cells can be distinguished by their appearance as viewed under a microscope. This task will aim at differentiating between smooth muscles and cardiac muscle. The major difference is in the structure, function and location. Skeletal muscle tissue are attached to bones and is responsible for general body movements. They are cylindrical in shape and have voluntary control of activities. They have regularly spaced traverse bands and thus striated. The cells are syncytial; they are multinucleated since myoblasts fuse to make the adult muscle cell. The muscle cell is long and threadlike. The nuclei is rectangular in shape and is located in the periphery of the cell beneath the cell membrane. All muscle tissue is organized into bundles due to wrappings of individual muscle fibers, group muscle fibers and multiple muscle fibers to form a large muscle mass. On the other hand, the cardiac muscle tissue is found in the heart and is under involuntary control; contraction is not consciously controlled. Cardiac fibers form long chain of cells which branch and intertwine resulting into ‘wringing.’ Cells are cylindrical in shape with a central oval nucleus. The nuclei is rectangular in shape. Though cross striations are visible, they are not as prominent as those of skeletal muscle. The cardiac muscles are branched and are joined together by intercalated disks. Striations run across the cells at right angles. Reference Gerard, J. T. & Sandra, R., G. 2000. Principles of Anatomy and Physiology. New York: John Wiley & Sons, Inc. Alberts B, Johnson A, Lewis J. et al. 2002. Molecular Biology of the Cell. (4th Ed.). Garland. Source document

The Secret to Research Proposal Assistance

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A Report On The Mckendree Metro Recreation Plex - 1433 Words

It’s that time of the year when exercising and going out slows down immensely, but what if I told you that a Recreation Center is being built that will fill that void literally after a mine subsidence opened almost exactly three years ago. We all know that there aren’t a whole lot of things to do around this area that you haven’t done at least a million times. This Recreation center changes that on all levels. I am not only a student and user of this upcoming facility but I also played hockey for the university along with have personal interviews with the hockey coach and athletic director of the university. Today, I will be focusing on the four P’s of marketing of this Mckendree Metro Recreation Plex. Product- The Mckendree Metro Recreation Plex is a multi faceted product that will not only serve as a workout facility, sports stadium, and general purpose building, but also as a social resource that is going to enhance the tri city area of O’Fallon, Mascoutah, and Shiloh for everyone. Now this Center will have a fully capable competition pool with mulit-level diving boards, two NHL sized ice rinks, one of which will have stadium and box seating for three thousand, a full workout gym, including machine and free weights along with a full assortment of nautilus machines, an indoor track, and full basketball court. Along with those a smaller all purpose pool, a recreation pool, workout classrooms, locker rooms, office spaces. This will also give a closer and more suitable place

Infertility, Insulin Resistance, Polycystic Ovary Syndrome...

Polycystic ovary syndrome is an endocrine disorder that affects at least 10% of women living in the United States. Insulin Resistance plays a large part in fertility for women who have polycystic ovary syndrome. Myo-Inositol improves fertility, and alleviates many of the symptoms associated with polycystic ovary syndrome and insulin resistance. Polycystic ovary syndrome is a condition that affects many different parts of the body, not just the ovaries. The list of ailments associated with polycystic ovary syndrome is long, ranging from skin tags, dark skin patches, and hirsutism (male patterned hair growth) to liver disease, obesity, and insulin resistance. The symptoms that contribute to infertility are irregular menstrual cycles, an†¦show more content†¦Radiologic abnormalities on an ultrasound would show polycystic ovaries. Polycystic ovaries are the formation of clusters of pearl-sized cysts containing immature eggs in the ovaries. In healthy women, a follicle grows and at the time of ovulation, an egg is released into the Fallopian tube. In women with polycystic ovary syndrome, the development of the follicle is arrested and the egg does not burst forth. Therefore, the egg dies and the follicle becomes a cyst that remains in the ovary (Banning 635-636). A clinical feature of polycystic ovary syndrome is anovulation. Anovulation is the absence of ovulation. Ovulation is the process in which the ovary releases an egg into the Fallopian tube. If an egg is not present to meet the sperm in the Fallopian tube, then conception cannot take place. If a woman is not ovulating then she is not able to conceive. Therefore, anovulation is the most common cause of infertility (Raffone, Rizzo and Benedetto 275). Anovulation is a symptom of insulin resistance. Insulin resistance is when the body’s cells do not respond to insulin. When this happens the level of glucose in the blood increases. Insulin resistance may also cause more insulin to be produced as the body tries to move glucose into cells (Sedwick 1). High insulin levels may cause the appetite to increase and lead to imbalances in other hormones. Insulin resistance is considered an early form of diabetes. Insulin Resistance affects both men andShow MoreRelatedPolycystic Ovary Syndrome2477 Words   |  10 PagesPolycystic ovary syndrome is an endocrine disorder that affects at least 10% of women living in the United States. Insulin Resistance plays a large part in fertility for women who have polycystic ovary syndrome. Myo-Inositol improves fertility, and alleviates many of the symptoms associated with polycystic ovary syndrome and insulin resistance. Case findings of women with polycystic ovary syndrome were first documented in 1935 by American gynecologists Irving F. Stein, Sr., and Michael L. LeventhalRead MoreA Brief Article On Ovary Syndrome ( Pcos )1654 Words   |  7 PagesPolycystic Ovary Syndrome (PCOS) By Navodita Maurice | Submitted On September 01, 2011 Recommend Article Article Comments Print Article Share this article on Facebook Share this article on Twitter Share this article on Google+ Share this article on Linkedin Share this article on StumbleUpon 1 Share this article on Delicious Share this article on Digg Share this article on Reddit Share this article on Pinterest Expert Author Navodita Maurice The endocrine disorders among females are of various

Cross-cultural Essay Samples - an in Depth Anaylsis on What Works and What Doesnt

Cross-cultural Essay Samples - an in Depth Anaylsis on What Works and What Doesn't Cross-cultural Essay Samples Secrets That No One Else Knows About Specifically, the part of language, education and training will be set. Lesson Summary Cross-cultural communication is a must for virtually any company which has a diverse workforce or plans on conducting international company. Aspects like the tone variation, pronunciation ought to be taken under consideration. Not just that the role of the HRM also include instituting reward and payment systems, assessment regarding the performance of unique employees and respective initiatives to align the growth of employees to corporate strategies. Understanding cross-cultural communication is essential for any company which has a diverse workforce or plans on conducting worldwide company. On the flip side, power of the web and wireless digital technologies offer local businesses and indigenous cultural values with unprecedented international exposure. It is essential that we are conversant with our students demographic, and social financial backgrounds. Diversity helps to receive a better comprehension of buyers. Workplace diversity has for a long time been a considerable issue for many businesses and organizations. Diversity of consumers can't be ignored because of the globalization and other changes that occur on earth. The Key to Successful Cross-cultural Essay Samples Essay writing is usually practiced is schools. To get started writing your assignment you would want to encounter an interesting and promising topic. Writing an essay is a critical role in academe life. Writing a satisfactory and readable essay is something that everybody would like to achieve. The price generally fluctuates based on the essay type. You can readily locate essay writing services which could write for you at cheap prices. Disadvantages of selecting a low-cost essay service Quality If you're opting for cheaper service, bear in mind that it might not be up to the mark. Summary Hiring a low-cost essay service may be a right pick for students at one time crunch. Hopefully, the discussions along with the essay examples presented above have enlightened you so that you are now able to begin making your own essay. Alongside the topics, you'd discover loads of papers free of charge. You don't necessarily understand how you feel regarding a particular subject or topic and you allow research together with your own direction to learn the outline. Cross-cultural psychology differs from several other subfields of psychology. There's no ideal solution about how to compose an effective essay. Still, every one of them would show up in the overall list. Pros of selecting an affordable essay service Availability Everywhere online, you can get one or other essay services. Contrary to other objective essays it not only provides the huge picture but in addition provides the inside specifics of the situation. Independent consultants, found that cross-cultural practice advisory small business demand increased a great deal at least 10 decades ago and it's a lucrative field. Consumers generally have an attitude when it has to do with a specific product being made in a specific nation. The Quantitative and Qualitative Methods When psychologists are conducting any sort of research, they need to select a suitable method. Cultural psychology is understood to be the branch of psychology that manages the connection between culture and mind. It knows human drive cannot be explained by factors such as genetic predisposition.

London city - Capital of the United Kingdom free essay sample

# 1057 ; ity, capital of the United Kingdom and the Centre of the Commonwealth. It lies astride the River Thames in southeasterly England, 50 stat mis ( 80 kilometer ) from the river s estuary on the North Sea. The metropolis was one time the industrial, commercial, and political hub of a wealthy and extended imperium ; it continues to be the United Kingdom s chief Centre of population, commercialism, and civilization. A brief intervention of London follows. For full intervention ( including a map ) , see London. The chalk basin within which London is built is filled with younger deposits including solid stone, littorals, clays, terraced pebble crushed rocks, and Thames alluvial sediment. The clime within the basin is comparatively mild, with January to July average temperatures runing from 37.4 to 72.5 F ( 3 to 22.5 C ) ; rainfall sums to 21 inches ( 533 millimeter ) a twelvemonth. Founded by the Romans as Londinium in the first century AD, the town experienced enormous growing in trade and population during the late 16th and early seventeenth centuries. Extensive edifice undertakings were initiated after the Great Fire of 1666, and London became the dominant Centre non merely of the state but of its spread outing imperium. During the nineteenth century, the jobs caused by rapid industrialisation, such as pollution and disease, were easy remedied through progresss in public wellness and other services. Heavy harm from aerial bombardments during World War II brought the greatest reverse in the history of modern London. Reconstruction and new development restored much of the metropolis s magnificence, and resettlement of fabrication and transportation outside the metropolis shrank its population and hastened its passage to a Centre of international trade and finance. Tourism and retail trade are other major sectors of the metropolis s economic system ; and, because London is the state s capital, authorities services are besides an of import sector. The City of London, about 1 square stat mi ( 2.7 square kilometer ) in country, is the nucleus of an country called Inner, or Central, London, which contains the City of London and 13 of the 33 boroughs of Greater London. The cardinal point in the City of London is an unfastened infinite from which eight streets radiate. On the southern side is Mansion House, abode of the lord city manager of London. Lombard Street, the traditional banking street, is nearby, as are the Bank of England central offices, the Royal Exchange, and the Stock Exchange. To the E is the fortress-castle known as the Tower of London, whose nucleus day of the months from the late eleventh century and is surrounded by buildings from many periods of English architecture. To the West lie the Inns of Court, longtime Chamberss and offices of barristers and lawyers-in-training, and the Royal Courts of Justice, or Law Courts. The City of London and the City of Westminster are linked by the Strand, an avenue upon which a re located two of London s oldest churches, St. Clement Dane s and St. Mary-le-Strand. The City of Westminste R, which stretches along the River Thames, is one of the state s wealthiest boroughs and is famed for its committedness to historic redevelopment. It includes Westminster Abbey and Westminster Cathedral, Buckingham Palace, the chief authorities offices, of import shopping territories, New Scotland Yard, luxury hotels, the Tate Gallery, and the National Gallery. Retail shopping countries are concentrated around Oxford Street. Kensington High Street and Knightsbridge are besides major shopping territories. The stores spread west and south toward King s Road in Chelsea. London s East End, incorporating vicinities such as Aldgate and Whitechapel, now constitutes the borough of Tower Hamlets. The country is historically associated with the Cockney idiom and became an ill-famed slum during the nineteenth century. The East End was the most to a great extent bombed country of London during World War II and later benefited from extended rehabilitation. Parks, gardens, and Gods acres abound in Inner London. The most famed parklands are the six royal Parkss that sweep through London s West End: St. James s Park, oldest of the six cardinal royal Parkss, bordered on the North by the half-mile-long Mall that terminates at the Queen Victoria Memorial ; Buckingham Palace Gardens, bordered on the E by the royal abode ; Green Park, plainest of the royal Parkss but fringed on the E by munificent, once-private edifices ; Hyde Park, with its celebrated Speakers Corner for soapbox speechmakers ; the more elegant Kensington Gardens, with the Victorian Gothic Albert Memorial and an 80-acre ( 32-hectare ) cultural Centre ; and Regent s Park, place of the Zoological Gardens and Regent s ( Grand Union ) Canal. Squares and diversely molded parks are outstanding characteristics of London s landscape. Of note are Grosvenor Square, site of the F.D. Roosevelt Memorial, and Trafalgar Square, which features a statue of Lord Nelson, hero of the Battle of Trafalgar ( 1805 ) ; the National Gallery borders the square. London s other major cultural establishments include the British Museum, which houses aggregations of antiquities, prints, and manuscripts and the national library ; the Victoria and Albert Museum of cosmetic humanistic disciplines ; and the music and humanistic disciplines complex located on the South Bank of the Thames, begun in 1951 for the Festival of Britain. The development of the metropolis s outlying countries was promoted by the gap of the universe s first electric resistance railroad in 1890. Major roads and rail lines radiate in all waies. Dock activity and river traffic are controlled by the Port of London Authority. The London ( Heathrow ) International Airport is located in the western ranges of Greater London. Area City, 1 square stat mi ( 2.7 square kilometer ) ; Inner London, 124 square stat mis ( 321 square kilometer ) ; Greater London, 610 square stat mis ( 1,579 square kilometer ) . Pop. ( 1992 est. ) City, 3,900 ; Inner London, 2,632,100 ; Greater London, 6,904,600.