The volatile oil price is all about supply and demand. The trouble is that oil is a finite resource and IT IS running out. More and more people want it, developing economies such as those of India and China are producing fresh demands. The current economic slow-down in many nations has reduced demand temporarily - fuel prices have recently reduced considerably here in the UK. The fact is though, that when economies pick up again the price of oil will again inflate and eventually surpass the levels which we had to pay just a few weeks ago. The more the demand, the higher the price will go.Given the present rising cost of oil, what factors might be responsible for the price elasticity of petrol.?
Oil price is coming down mainly due to the low industrial world demand.Given the present rising cost of oil, what factors might be responsible for the price elasticity of petrol.?
oil prices are more than half the recent high
prices are down here?
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