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Encyclopedia > Price of oil
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The price of oil is currently reaching historical highs. The reasons are subject to a great deal of debate by the pundits. Demand for oil continues to grow, while the supply, on the other hand, is not keeping pace. There is a general recognition that demand is much stronger because of unprecedented growth in Asia, and in particular China.


The current high price of oil will eventually affect the cost of goods and services. In addition to the increased price of goods and services in general, the direct cost of oil and related products will cause consumers to reduce spending in other areas.


To date there has not been an obvious negative impact on the economy because of the price of oil. It is partly for that reason that the Federal Reserve is continuing to raise interest rates to help tame inflation.


See also


  Results from FactBites:
 
History and Analysis -Crude Oil Prices (3298 words)
In 1972 the price of crude oil was about $3.00 per barrel and by the end of 1974 the price of oil had quadrupled to over $12.00.
The higher prices faced by consumers would have resulted in lower rates of consumption: automobiles would have had higher mileage sooner, homes and commercial buildings would have been better insulated and improvements in industrial energy efficiency would have been greater than they were during this period.
The price of crude oil spiked in 1990 with the uncertainty associated Iraqi invasion of Kuwait and the ensuing Gulf War, but following the war crude oil prices entered a steady decline until in 1994 inflation adjusted prices attained their lowest level since 1973.
  More results at FactBites »


 

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