Supply and Demand for Oil
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How are the "revolutions" in the Middle East impacting the price of oil? Share your thoughts about what may have caused the "revolutions" that are now occurring in the Middle East and Africa?
Explain the concept of supply and demand in terms of oil. Why does this affect gasoline prices and what is happening to them?
What are the limitations (IE: refining, shipping, extractions, etc.,) to producing oil and how do these factors relate to the limitations created by the laws of supply & demand?
Remember to think in terms of usage, alternatives and supply vs. demand.
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Solution Summary
The solution discusses the supply and demand for oil given a particular stimulus.
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How are the "revolutions" in the Middle East impacting the price of oil? Share your thoughts about what may have caused the "revolutions" that are now occurring in the Middle East and Africa?
There is no doubt that the revolutions in the Middle East affected the price of oil in the world market.
It will be noted that "over the past 2 months, oil prices have risen 16% from $90 at the beginning of the New Year to about $105 now.Some of the reason of this rise was completely natural - global economic activity has picked-up, demand for oil has increased, and prices have naturally moved up. But as we all know, political disruptions in the Middle East have driven prices even higher" (Community and Economic Renewal , 2012).
Openness to the world could have triggered the revolutions in the Middle East. Inhabitants in the Middle East who freely traveled to the free world could have noticed the differences in how their governments were being run. If the rest of the world gives it citizens substantial rights and privileges such as suffrage and other human rights, why not to Arab countries?
The widespread use of ...
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