Apr 10th, 2015
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Principles of EconomicsName:University:Professor:Class:Date:Oil prices have drastically dropped, what has happened to the price of oil and the oil industry? Well, this question became a question tag for many economists earlier this year. However, unlike as observed before (booms and bursts), the oil industry has shown a tremendous downturn effect on the same. Incomes have dropped down for organizations that have made record profits lately, driving them to decommission sharply cut investments and rigs in the exploration as well as and production (Krauss, 2015). The reason is the diving cost of a barrel of oil, which has been cut fifty-fifty since June, arriving at levels last seen amid the profundities of the 2009 subsidence. The reason as to why we are observing such drastic changes in the oil prices in the market can simply be attributed to supply and demand status. United States local production of oil has experienced multiplication in the course of the most recent six years, pushing out oil imports that need to discover an alternate destination (Krauss, 2015). Oil from major oil producing country regions such as Nigeria, Saudi and Algeria sold in the U.S. is today abruptly seeking position in the Asian markets, forcing the producers to drop oil costs. o the other hand, Canadian and Iraqi oil producing industries and exporters are climbing at seemingly endless rate of time.Well, the effect of this drop in the market always comes in favor of some pe

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