Escalating Oil Prices And The Global Economy
With the current rise in oil prices, many Americans have asked, ?What is happening? In order to fully understand the current situation and how it is affecting the global economy one must look at a variety of factors including: the history of oil crisis in the United States, causes of the current situation, and possible outcomes for the future. Many people are researching to come up with the best solution for this problem. The escalating price of oil has become more severe and is beginning to reflect oil crisis of the past.
The current crude oil price spike began early in 1999 due to a variety of factors. Struggle in the Middle East along with minimal policy changes from the Organization of Petroleum Exporting Countries and the U.S. Government has kept prices high to this very day. It is very important to understand the history of our Country?s oil situation before looking at the current oil situation. Through the years between 1970 and 2004, the price of oil has risen and fallen in often-drastic amounts. It is these price fluctuations in crude oil that has caused fuel prices to vary and the economy of the United States
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