Discuss Issues with Supply and Demand of Fuel

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The Answer is Since the embargos of the 1970s the world has been on notice with respect to the supply of crude oil and its continuing demand.Demand has been growing steadily and has outpaced discoveries of new sources of supply until recently.This issue was further complicated by the fact that crude is produced in distant countries,yet a disproportionate amount of demand is in the U.S.
These supply and demand complexities has resulted in the price of crude increasing 113 percent between 2005 and 2008.During 2008 crude hit a high of $137.11 a barrel.And while the global recession has abated those price increases most are convinced that as the economies recover so will the price of crude.
New technology has allowed companies in the US and Canada to drill in areas not considered economically viable in the past.This has changed the dynamics of the oil industry increasing output and lowering cost.

Discuss Issues with Supply and Demand of Fuel

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Discuss Issues with Supply and Demand of Fuel

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Correct Answer:
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