Crude Oil Price Fluctuations between 1970-2018 Crude oil is an energy source that is integral to production processes across the economy. However, over the last 50 years, crude oil prices have fluctuated quite considerably. You have been hired by a consumer affairs think-tank and tasked with producing an economic analysis explaining economic reasons why crude oil prices fluctuated over the last 50 years and its impact on relevant markets in the economy. Finally discuss some of the welfare implications (think of consumer and producer surplus) of changes in crude oil prices.

Write a brieft history of crude oil prices from 1970 to 2018

Answer rating: 100% (QA)

As per the Hubbert curve given by king Hubbert in 1956 which said that the maximum production of cru... View the full answer