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transportation of food takes oil to get it around to your local grocery store therefore driving up food prices.
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∙ 12y ago
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How does dependency on oil affect gas prices?
Since there is a constant need for oil the people who sell the oil may raise the price on Oil to make profit in result it rases gas prices.
How will an increase in price affect a normal good?
Prices of every thing is increasing day by day.Even ,now food prices also go on at high place. The price of petrol is increased suddenly,& a comman man shock. The prices of rice, wheat, edible oil, and salt have risen by 12 percent to 20 per cent, and the prices of some vegetables have doubled.And the central government isn't doing anything.Let us discuss what should be done to fight against hunger.
Is OPEC to blame for high gas prices If so why?
OPEC wants gas prices to be higher so that its member nations can profit more from oil.
What is administered price inflation?
when the government administers or subsidises prices of essential commoditites like rice, oil or even oil and electricity but the global prices are high, then it implies that these domestic prices would take some time to respond or adjust to global prices and in this process, the rate at which the prices respond would lead to inflation implying that it is transmitted through global prices.
How did the organization of petroleum exporting countries OPEC oil embargo of 1973 most affect individuals in the us?
It raised gasoline prices.
What are things that affect oil prices in 1945?
no
What are three things that affect oil prices in 1945?
no
Why do heating oil prices change so frequently?
Oil prices change frequently for a number of different reasons. Crude oil is a big part of this, and will affect the price of oil. Demand can be different depending on the weather and economy. Seasons can also affect the demand for oil.
How does dependency on oil affect gas prices?
Since there is a constant need for oil the people who sell the oil may raise the price on Oil to make profit in result it rases gas prices.
How did rising oil prices affect nations around the world?
It made buying oil more difficult
How is oil important to Venezuela econonmy?
Venezuela's oil-based economy illustrates the affects of overspecialization. When oil prices are high, its economy is strong. When oil prices drop, its economy weakens.
How did the oil embargo affect the United StatesIn 1973 Arab oil-producing countries enacted an oil embargo and refused to sell oil to the US?
Oil prices in the U.S. increased, and there was high inflation
How do changing oil prices affect the economics of consumer nations?
I reqlly dont know how to answer it
True or false Fortunately oil prices are rarely affected by global events?
False, global events often affect oil prices. The Gulf War is a prime example of this.
How do you deal with high oil prices?
I just reduce travelling by my vehicle.
Why was the national speed limit introduced?
In response to high oil prices.
How do oil prices affect the standard of living in both Southwest Asia and the US?
southwest Asians are affected by oil by getting too much oil. how can a country have too much oil you ask? well they have so much that some people are stealing it and selling it for their personal well being. Also the oil is getting really messy around the town so they have to spend a lot of money to pay for all the fix ups. (i learned this in social studies class today) hope this helps out you guys
