Posted: December 28th, 2016

Describe reasons for shifts in oil supply in the global market?

Describe, in your own words, reasons for the frequent change of oil prices in Australia? (3 marks) 2) Describe reasons for shifts in oil supply in the global market? (7 marks) 3) Predict how each of the following events will affect the equilibrium price and quantity in the market for oil. In each case, state how the event will affect the supply and demand diagram. Create a sketch of the diagram. (18 marks)
a) Cars are becoming more fuel efficient, and therefore get more kilometers to a liter of oil
b) The next winter is expected to be exceptionally cold.
c) The price of solar energy falls dramatically
d) Chemical companies invent a new, popular kind of plastic
e) A prolonged war in the Middle East and Gulf countries disrupts oil-pumping schedules.
f) A major discovery of new oil is made off the coast of Norway

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