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|competition=December 2014
|competition=December 2014
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The price of oil has changed greatly over time. This means that price is very volatile and can’t be subject to monopoly. The ever changing prices is then attributed to majorly market forces of demand and supply. This article explains and shows how the [[Economics: global supply and demand|supply and demand]] affects the oil price and also elucidates on the global issues affecting the demand of oil, and also explains the supply discrepancies of the oil resource.
The price of oil has changed greatly over time. This means that price is very volatile and can’t be subject to monopoly. The ever changing prices is then attributed to majorly market forces of [[Economics: global supply and demand|supply and demand]]. This article explains and shows how supply and demand affects the oil price and also elucidates on the global issues affecting the demand of oil, and also explains the supply discrepancies of the oil resource.
The world is a diverse place and its dynamic nature varies greatly with the ticking clock. This implies that classical economic principles that explain demand and supply are being constrained and become greatly limited in explaining the exorbitant issues affecting demand and supply of the oil resource at a global scale.
The world is a diverse place and its dynamic nature varies greatly with the ticking clock. This implies that classical economic principles that explain demand and supply are being constrained and become greatly limited in explaining the exorbitant issues affecting demand and supply of the oil resource at a global scale.