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The global oil prices Case Study


The global oil prices have been rising each year, and this has been caused by the diminishing supply compared to the increasing supply. Any political or social disturbance to the countries which supply oil can affect the prices immensely. Syria is one of the oil suppliers to the US. Therefore, the fear of oil disruptions in Syria can send the prices up.

The increase in oil prices has been caused by the increase in the number of people in need of oil. The demand has escalated while the supply has remained constant. In some instances, oil supply has declined, and this has caused the oil prices to increase. Syria is among the oil producing countries, and any disruptions can affect the global prices.

Syria is among the global oil producers, and any political imbalances in the country can affect the global oil prices. On the other hand, the country is not a major oil consumer. Therefore, any crisis affecting the country can cause an increase in oil prices.

This is because other oil producing countries will support in fighting the US. This will cause oil shortage because the major oil producing countries will be affected. The shortage in oil supply will definitely cause an increase in oil prices.

When the US is involved in war, a lot of resources are spent. This increases the expenditure of the countries, and the GDP is affected. This scenario creates inflation in the country, and prices of commodities increase. Therefore, the price of oil, one of the e=basic commodities, is likely to increase. The spill-over effects of inflation in the US will be experienced in other countries due to international trade.

In conclusion, the fear of oil disruptions in Syria can send the prices up because Syria is one of the oil producing countries. The economics of supply and demand have caused the increase in oil prices. Global inflation has also contributed to the increase in global oil prices.

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IvyPanda. (2019, June 13). The global oil prices. Retrieved from https://ivypanda.com/essays/the-global-oil-prices/

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"The global oil prices." IvyPanda, 13 June 2019, ivypanda.com/essays/the-global-oil-prices/.

1. IvyPanda. "The global oil prices." June 13, 2019. https://ivypanda.com/essays/the-global-oil-prices/.


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IvyPanda. "The global oil prices." June 13, 2019. https://ivypanda.com/essays/the-global-oil-prices/.

References

IvyPanda. 2019. "The global oil prices." June 13, 2019. https://ivypanda.com/essays/the-global-oil-prices/.

References

IvyPanda. (2019) 'The global oil prices'. 13 June.

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