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Supply and Demand - Essay Example

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Summary
Oil Prices Drop Below $75 a Barrel“ is a classic example of how the law of supply and demand affects prices. The product of discussion is crude oil with its price tumbling belong $75 which is historic in more than four…
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Supply and Demand
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Supply and Demand

Download file to see previous pages... This is coupled by a reduced demand for crude oil in the US due to the increasing awareness and use of alternative source of energy put exerted a downward pressure on the price of oil.
The law of supply and demand states that if demand declines or remains the same but the supply increases, the tendency of the price will go down. The reverse also applies with prices going up if demand increases and supplies go down. In our case however, the growing output of shale production in the US meant that supplies are now greater making the price of crude oil ...Download file to see next pagesRead More
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