Use your knowledge of supply and demand shifts to explain what could have caused the significant...

 

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Use your knowledge of supply and demand shifts to explain what could have caused the significant price changes (both up and down) in the oil market as shown in the above graph. I do not expect you to know anything about the crude oil market (which is used to produce gasoline) but, rather, to come up with some reasonable possibilities based on both supply and demand shift factors. See examples below. Ex: Oil prices may have increased because world population was increasing and that increased the demand for oil, which made the price go up. Ex: Oil prices may have decreased because more countries started drilling for oil. That would increase supply, which would make the price go down 1) 2) 14300 13000 125.00 11000 100.00 10.00 8000 7000 50.00 50.00 4000 10:00 20.00 100 2005 Source: Business Insider, https://markets businessinsider.com/commodities/oll-price 2001 Sept. 2000-Jan. 2021 2007 2009 2011 2013 2015 2017 2019 201 Use your knowledge of supply and demand shifts to explain what could have caused the significant price changes (both up and down) in the oil market as shown in the above graph. I do not expect you to know anything about the crude oil market (which is used to produce gasoline) but, rather, to come up with some reasonable possibilities based on both supply and demand shift factors. See examples below. Ex: Oil prices may have increased because world population was increasing and that increased the demand for oil, which made the price go up. Ex: Oil prices may have decreased because more countries started drilling for oil. That would increase supply, which would make the price go down 1) 2) 14300 13000 125.00 11000 100.00 10.00 8000 7000 50.00 50.00 4000 10:00 20.00 100 2005 Source: Business Insider, https://markets businessinsider.com/commodities/oll-price 2001 Sept. 2000-Jan. 2021 2007 2009 2011 2013 2015 2017 2019 201

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In the first period the oil prices seem to have increased significantly which could be due to a comb... View the full answer