Oil prices in the world play an important role in each country’s economy, most of the countries with strong economies are less likely to benefit from low oil prices, as they are bringing less profit, causing more extra spending and environmental problems.
Аннотация к работе
Business Foundation 2009-2010 Economics coursework Would lower oil prices be good or bad news for the world economy? Prepared by Zakharova Irina Business Foundation Group 1 Teacher: Mr. Street St Andrews College, Cambridge Content Introduction Advantages of low oil prices Disadvantages of low oil prices Conclusion References Introduction Nowadays oil is one of the most important resources on the Earth, it is an essential part of the world’s trade and economy. It takes the leading place in world’s fuel and energy sector and is an essential product for most of countries, which both produce oil and use it for production purposes and energy yields. The prices for oil, as for any other product, are measured by the demand and supply measures, but as the demand for oil is quite inelastic (people would anyway buy the same amount of oil even for higher prices), even inconsiderable fall of supply would cause a sharp rise in prices: At the same time, when some other oil reserves are found, the supply is going to increas