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Why is oil demand decreasing?

Updated: 8/23/2023
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Q: Why is oil demand decreasing?
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Why is oil expensive?

With oil there are two factors that come into play. Demand and amount available. Because oil is non renewable (at least the oil in the ground, it can also be created from other sources), the amount available is always decreasing. Demand, however, still goes up. As the oil becomes harder to find and more difficult to extract, the oil is going to be more expensive in order for the companies to make a profit.


What was The economy of 15th century Europe marked by?

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OPEC wanted to raise the price of oil, so they used the supply /demand theory to get what they wanted. They held back the oil and raised the demand for it.