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Essay / Research Paper Abstract
A 5 page paper which examines how rising oil prices affects the American economy and considers possible way to overcome the detrimental effects before advocating the best solution to the problem. Bibliography lists 3 sources.
Page Count:
5 pages (~225 words per page)
File: TG15_TGoilecon.rtf
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Unformatted sample text from the term paper:
"soft patch" (Cooper and Madigan, 2004). However, since the major crisis of the 1970s, the effects of rising oil prices on the American economy have been of constant concern
to American government officials and consumers alike. This recent surge is of particular concern because ever since oil prices hit a record high $55 per barrel on October 15,
2004, they have risen in less than a year to nearly $68 a barrel (for light crude) and more than $3 a gallon at the pumps (Cooper and Madigan, 2004;
Bhatnagar, 2005). Detailed charts and graphics on current foreign and domestic oil price increases can be found at URL http://en.wikipedia.org/wiki/Oil_price_increases_of_2004_and_2005. Though cautiously optimistic that this current price hike
will be short-lived despite the devastation to the Gulf Coast region caused by Hurricane Katrina, some economic analysts believe if oil prices continue "their upward trajectory," it would be comparable
to the crisis and widespread shortages of the mid-1970s (Bhatnagar, 2005). A graphical comparison can be considered at URL http://money.cnn.com/2005/08/25/news/economy/gas_economy/. The increase in oil prices is responsible for triggering
a variety of problems that can have a serious impact upon the American economy. In terms of foreign trade, an imbalance between the exporting and importing of goods can
create instability (Cooper and Madigan, 2004). Skyrocketing oil prices causes a slowdown in global economies that decreases the demand for American products (Cooper and Madigan, 2004). With export
growth stalled and high petroleum prices attached to imports, the trade gap widens which produces negative economic growth (Cooper and Madigan, 2004). Also, the spiking oil prices have also
taken the prices of American imports along with them, which have made foreign markets less receptive to them (Cooper and Madigan, 2004). Domestic problems about as well since common sense
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