Can oil reach $200 a barrel?
Oil is a natural exhaustible resource, affected by depletion. It is one of the most important factors of production, but because is not a storable good, it can only obtain value by production and consumption (Elekdag et. al., 2008). This essay will first discuss the facts that would lead to a rise in the oil price to $200 a barrel by 2009 and then look at the impact of this rise, considering it is maintained for further 5 years. The ASPS, one of the most common indexes for oil, has risen by 70,1% from January 2007 to January 2008 (IMF Primary Commodity Prices). In view of this, this scenario is a very likely to take place in the next period. This essay is concentrating on the effects this increase would have on growth, inflation and unemployment în both non-oil and oil producing countries, using a basic analysis of aggregate demand - aggregate supply.
Volume (Year): 1 (2008)
Issue (Month): 8 (December)
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