Economic Implications Of Oil Price Changing
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Oil prices have been going down over the recent years. Despite this situation, the supply of oil continues to rise. The interplay of supply and demand is the primary contributor for the plunge in oil prices. The United States has moved to increase its oil production, decreasing the imported oil which led to the fall in price. The Organization of Petroleum Exporting Countries (OPEC) is one cartel in the oil industry that plays a significant role in controlling the supply and prices of crude oil around the world. Despite these vital players, this study is critical in unveiling the causes of the fall in oil prices around the globe. This research identifies various players in the sector and the data was collected from 55 years with the starting year being 1960 and the ending year being 2014. The world statistics for oil was obtained from the OPEC website. The results and discussions in the study are drawn from the from OPEC website, the department of energy, and the World Bank.