Only a few times were oil prices at such high demands. The 1920's, early 40's, late 70's and the 1980's. The 1920's because of the growing demand for vehicles. The early 40's because of the war and bottleneck of delivery. The 1970's because of failed diplomacy in the Middle East. In the 1980's because of the Iran-Iraq War and a bottleneck in the Straits of Hormuz. Today we are seeing a changing of the guard. The U.S. is losing ground economically and developing countries are picking up the loose change. China is the culprit to the increased cost of oil. China is predicted to be the largest consumer of oil by 2017. Fear is also causing the rising price of oil. The world only has 90 to 100 years of oil remaining. Nations are gathering all the oil resources at any means possible.
China and other developing countries need oil to grow the U.S. would benifit from high oil prices.
Osama bin Laden the creator of terror has a huge impact on oil prices.
out of characters..
2006-07-07 06:22:12 · 6 answers · asked by Olivia 4 in Politics & Government ➔ Other - Politics & Government
Ok I'll rephrase since everyone is dwelling on this. Osama bin Laden is not the originator of terror, but a creator of terror. With his words and actions he can economically impact the world. And for that reason he has the ability to affect the world's market prices.
China Iran and Russia alliance combined share less then 30% of the world's oil supply. China is need of cheaper oil to build its economic dominance, while Russia supplies it with its resources and technology; Iran sells its supply of energy (gas and oil).
Oil...
The world has 1.3 Trillion barrels of proven oil reserves. It is estimated that world could hold as much as 700 billion unproven oil reserves.
The World consumes 29 Billion barrels a year and oil consumption grows 2.5% a year on average.
If the estimates are correct and the world only has 2.5 trillion barrels of oil, with 29 billion barrels consumed a year increasing 2.5% year that leaves us with 82 years of oil.
Source: CIA Fact Book
2006-07-07 08:44:27 · update #1
Creator of Terror? What about the Red Terror of 1918.
Terror was the 20th Century's creation.
There is a connection between China and the oil price. Where did you get the estimate for oil reserves? You make a few leaps also. You made some observations that were good but you need development.
2006-07-07 07:02:06 · answer #1 · answered by Anonymous · 3⤊ 3⤋
1. Osama bin Laden is not the creator of terror. Terrorism has been around as long as weapons have. Yasser Arafat ordered hijackings of Israeli planes as early as 1970.
2. High oil prices hamper economic growth by making individuals pay more for energy, meaning less disposable income.
3. High oil prices hamper employment opportunities by making businesses pay more for energy, meaning they have fewer resources to spend on hiring new employees.
4. Even if all of what you said is true, you are forgetting that bin Laden approved and financed an operation five years ago which was specifically intended to destroy the American economy.
2006-07-07 13:32:11 · answer #2 · answered by danr89 4 · 0⤊ 0⤋
The same way Hitler was an allie to the Jews.
Same logic!
2006-07-07 13:26:09 · answer #3 · answered by markelliott32 2 · 0⤊ 0⤋
the us aint loosing anything...if anything..we are going to gear up and make a big jump in energy that is environmentally safe and renewable...as usual, we will lead the world....
2006-07-07 13:28:11 · answer #4 · answered by badjanssen 5 · 0⤊ 0⤋
hes not an allie to the USA but he is an allie to the bush family their all in it togather it alll works out trust me...
2006-07-07 13:26:32 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Yeah, but that does not change the fact that he's our worst enemy and would not hesitate to blow us up.
2006-07-07 13:26:15 · answer #6 · answered by warhead 3 · 0⤊ 0⤋