Now a days world oil price gone up due to high price of oil. Poor people economic is very low and not surviving their life.
2007-11-17 14:46:07 · 2 answers · asked by ma b 5 in Social Science ➔ Economics
Darth is right except he left out the one factor that is under our control. If the US reduced our oil use we could have a major impact on world oil demand, and reduce the price. See consumption figures below.
United States: 20,730,000 bbl/day
China: 6,534,000 bbl/day
2007-11-17 18:26:35 · answer #1 · answered by meg 7 · 0⤊ 0⤋
1. Increasing demand from china and developed countries
2. Violence and instability in the Middle East
3. Declining reserves of easily accessible oil
Can't change 3., can't really do anything about 1.,
and good luck fixing 2.
2007-11-17 14:58:23 · answer #2 · answered by Anonymous · 0⤊ 0⤋