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"Sometime in the future oil will become more expensive. investigate the effects of this on the market for oil and the market for oil and the market for other fuels"
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Hubbert (1956) had predicted that the production of oil in America followed a bell shaped graph trend. He stipulated that the peak of oil production was to be attained in 1970 after which production will assume a downward trend. His prediction reigned despite sharp criticisms. He then predicted a global peak to be witnessed in the year 2000. Michael Lynch fronted that the production of oil must be closely tied to oil prices. He argued that Hubbert committed a mistake in assuming that geology is the motivating factor to the discovery, production and depletion of oil. He advocated for supply and demand as the key determinants in the oil industry. "To an economist, the drop in exploration reflects optimal behavior: they do not waste money exploring for something they will not use for decades.” he added. Factors that influence the price of oil. Economic growth is one of the key factors that affect oil prices. A steadfast economic growth will result in an increase in the demand for oil and its byproducts. It thus exhibits a direct relationship with the price of oil. Even as countries seek to experience a rapid economic growth, they need to focus on other sources of energy so that their increased demand for energy can be met adequately. Another factor according to Watson (1987) that affects the price of oil is the seasonal changes. It has been observed that during winter oil prices increases rapidly in Europe and the U.S.A due to the increased demand. Before the beginning of winter, consumers tend to buy excess of oil and its products due to fear of possible. However during
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