Explain to using the PESTLE framework to explain Oil industry that:

-Identify external trends that may have an impact on the chosen industry

-Assess whether the identified impact will be positive or negative

-Determine the time frame that the impact will be relevant (short term, medium-term or long term)

PESTLE (PESTEL)

External Factors (No Direct Control)

- Political Environment/Government

How does current / future government policy affect the industry

- Economics

Exchange rates, economic growth/stability/inflation/unemployment/labor availability

in your market

- Social

Demographics, Psychographics, Culture, Sociological

- Technology

stability/dynamism of core/peripheral technology

- Environment

How does the natural environment affect the industry or your business

- Legal

Regulatory/Legal