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Oil price fluctuations have impacts in many different markets all over the world. A couple years back, when gasoline prices were topping off around five dollars a gallon, you can see how the demand for SUVs plummeted. These sports vehicles had been popular before, but with the increased price of gas, and the low gas-mileage these cars got, most people did not see them as a good investment. This led to some car producers to lose profits and cut back on the production of SUVs.
Also, plane ticket prices soared when oil prices were high, and that is because of the high price of the jet fuel that the planes required.
Because the United States is so dependent on oil for everyday activity, oil price fluctuations can cause many problems. The United States has to figure out trade agreements with oil producing nations, otherwise, as a worst case scenario, the way we live life today will become extremely costly and may not be sustainable.
Wiki User
∙ 14y ago
Wiki User
∙ 12y agoWell, when oil is let out or spilled it can hurt our ecosystem and the plants and fungi in th water and it can hurt animals.
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What are the economic importance of crude oil?
The economic importance of crude oil is that it is used to produce gasoline and other fuels used around the world. Countries must pay large amounts of money for these resources which drive the economy.
What changes led to economic growth in china starting in late 1970s?
Obviously, crude oil, oil, natural gas, manufacturing and exporting.
Is crude oil essential for the development process in a country?
there are countries like usa which have low reserves and hence to secure oil through military or economic power.
What is today's price on oil?
The Crude Oil and Commodity Prices on April, Friday 25 2014 are: WTI Crude Oil is $101.94/barrel and Brent Crude Oil is $110.33/barrel.
What was the price of crude oil in the 1980s?
In 1977, the average price for a barrel of crude oil was $14.40 (about $60.00 in today's dollars).
What are the problems in transporting crude oil?
it can explode!
What consequences if you drink crude oil?
If you drink crude oil you will likely get diarrhea. Depending on the source of the crude and how much you drink you may experience other gastrointestinal problems. Drinking crude oil is NOT a good idea.
Problems with crude oil?
Crude oil is very bad for the environment when in use, leading to environmental issues including global warming in the future
What are the economic importance of crude oil?
The economic importance of crude oil is that it is used to produce gasoline and other fuels used around the world. Countries must pay large amounts of money for these resources which drive the economy.
What is the primary economic activity of the Middle East?
Free economy and Command economy
Why crude oil price reduced in 2008?
As a result of a downturn in the worlds economic activity the demand for crude reduces causing the price to go down.
What changes led to economic growth in china starting in late 1970s?
Obviously, crude oil, oil, natural gas, manufacturing and exporting.
What is Nigeria's position in the world in producing crude oil?
Crude oil is crude..
How are polymers made into crude oil?
Polymers are not made into crude oil. Crude oil is made into polymers.
What are the environmental problems on crude oil?
It can explode and when it spills it creates problems with the eco system mainly birds. Birds die because the oil poisons the fish they eat.
What can you do with crude oil?
What other thing you can do with crude oil.
Is crude oil a mixture?
It is a mixture of hydrocarbons, which can be separated by fractional distillation. Oil is NOT an element.
