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Essay / Research Paper Abstract
This 6 page paper looks at the price of oil including the price in 2007 as well as events such as the embargo of 1973 and the crisis of the 1970’s, the impact of the First Gulf War and the aftermath of 9/11. The paper compares the patterns in oil prices with other patterns, including unemployment, recessions and inflation. The bibliography cites 4 sources.
Page Count:
6 pages (~225 words per page)
File: TS14_TEOilprice.rtf
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Unformatted sample text from the term paper:
a barrel. The pattern of oil process is often seen as reflecting the patterns of supply and demand. In recent years there has been increased demand for oil, especially from
developing areas, such as China, where oil is needed to support the development of industry as well as due to the increasing ownership of cars. However, when looking at the
price of oil historically it may be argued that there is a very different pattern and the oil prices of toady are not at the highest price point when measured
in real value (prices adjusted for inflation). Looking at the history of oil prices over a long period of time oil prices have shown an increase in price. However
when there is an adjustment of the price in order to allow for inflation a different picture emerges. Figure 1 is a chart with the oil prices between 1946 and
2007, with nominal prices and prices adjusted to allow for inflation, with the figures represented in 2007 dollars. Figure 1 Oil Prices 1946 - 2007 (Financial Trend Forecaster,
2007). It is worth noting that in the early days of oil the price was higher in real terms than it
is today. It is also worth noting that the major peak seen towards the right of the chart before the current rise in oil rates is the result of the
1970s. Where the nominal prices also show a distinct peak, but the real value prices show a very large rise in several stages. The initial sharp increase is seen in
1973; the influence of the 1973 OPEC embargo was felt. The embargo was effective as OPEC is a legal cartel and controlled the majority of the globes oil
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