FORESTRY
ECOLOGY AND ENVIRONMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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lower demand for oil
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lower oil prices
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higher prices for oil
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exploration of new fuel sources
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Detailed explanation-1: -How Do Supply and Demand Affect Oil Prices? In general, the law of supply and demand states that the price of any item will increase if demand for it increases or the supply for it decreases.
Detailed explanation-2: -Crude oil prices are determined by global supply and demand. Economic growth is one of the biggest factors affecting petroleum product-and therefore crude oil-demand. Growing economies increase demand for energy in general and especially for transporting goods and materials from producers to consumers.
Detailed explanation-3: -Crude oil prices react to many variables, including supply and demand prospects and the perceived risk of market disruptions. Economic growth can drive up the demand for crude oil, while slowdowns tend to lower demand and prices.
Detailed explanation-4: -Supply and demand. Cost of production. Market sentiment.