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Essay / Research Paper Abstract
This 8 page paper looks at the influences on the price of oil during the 1970's oil crisis and the 2007/8 oil price crisis. The paper explains the reason why oil prices increased and presents supply and demand graphs to explain the movement. Following this the impact that oil price changes can have on the rest of the economy is discussed along with the presentation of policy recommendations for government. The bibliography cites 15 sources.
Page Count:
8 pages (~225 words per page)
File: TS14_TEeccoil.rtf
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Unformatted sample text from the term paper:
such the changes in oil prices are likely to result in inflation and the associated economic problems. The current problem is not the abuse of power, as was seen when
suppliers were restricted with the 1973 embargo, it is an increase in demand with developing nations as well as developed nations with no viable substitute at the current time. Policies
need to find ways of encouraging research and development into viable long term alternatives and substitutes. 2. Introduction Oil is an essential product,
it is not only needed to power transportation and provide power it is also a major constituent in many other products, including plastic used in manufacture, consumer goods and
packaging (Maugeri, 2007; 288). This means that oil is essential in many goods and as such is needed by almost every industry and used by all consumers. The result is
that it is one of the most influential products in history and has the power to influence national and international economies (Heinberg, 2005; 44; Perron, 1988; 2). The issue is
one that has affected many countries, developing countries from Australia to American as well developing countries, such as China and India. By looking at the macroeconomic impact of oil during
the oil shock of the 1970s and the more resent oil crisis the highly complex influences can be appreciated. 3. The Economic Issues The movement of prices of oil,
both at the current time and during the oil shock can be explained with reference to the concept supply and demand. The general concept of supply and demand states that
the price for any good will be the point of equilibrium between the demand for the good and the supply. This is shown in figure 1, where the lines for
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