HISTORY
HISTORY OF THE MIDDLE EAST
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Too little oil
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0 Oil everywhere
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Too much oil.
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None of the above
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Detailed explanation-1: -Oil price increases are generally thought to increase inflation and reduce economic growth. In terms of inflation, oil prices directly affect the prices of goods made with petroleum products. As mentioned above, oil prices indirectly affect costs such as transportation, manufacturing, and heating.
Detailed explanation-2: -The high price of oil stifles the growth of a nation. It can affect the supply of other goods. If the price of oil is rising, then the demand for these goods and services will rise. Conversely, low prices can also increase the cost of other goods and services.
Detailed explanation-3: -Growing economies increase demand for energy in general and especially for transporting goods and materials from producers to consumers. The world’s transportation sector is almost totally dependent on petroleum products such as gasoline and diesel fuel.
Detailed explanation-4: -Throughout history, some economies have expanded faster than others. Some differences can be traced to such inherent factors as climate and geography. At times people living near navigation routes or in temperate climates have fared better than people living far away from coastlines or in frigid climates.
Detailed explanation-5: -Demand. Supply. Quality of Oil. Speculation. Demand for Oil. Temporary Price Fluctuations. Investing in Oil and Gas Drilling. 25-Jan-2021