According to our reading material, economics is defined as the study of how human beings coordinate their wants and desires, given the decision-mechanisms, social customs, and political realities of the society. (Colander, 2004). Simply stated, when the demand is high and the supply is low, then the price is high. The recent increase in oil prices is a perfect example of supply and demand. Supply and demand runs economics and the petroleum industry. This paper will analyze an article based on the 2005 oil outlook and discuss why changes have occurred in the supply, demand, and price in oil.
According to our reading material, economics is defined as the study of how human beings coordinate their wants and desires, given the decision-mechanisms, social customs, and political realities of the society. (Colander, 2004). Simply stated, when the demand is high and the supply is low, then the price is high.
The recent increase in oil prices is a perfect example of supply and demand. Supply and demand runs economics and the petroleum industry. This paper will analyze an article based on the 2005 oil outlook and discuss why changes have occurred in the supply, demand, and price in oil.
According to our reading material, economics is defined as the study of how human beings coordinate their wants and desires, given the decision-mechanisms, social customs, and political realities of the society. (Colander, 2004). Simply stated, when the demand is high and the supply is low, then the price is high. The recent increase in oil prices is a perfect example of supply and demand. Supply and demand runs economics and the petroleum industry. This paper will analyze an article based on the 2005 oil outlook and discuss why changes have occurred in the supply, demand, and price in oil.
According to our reading material, economics is defined as the study of how human beings coordinate their wants and desires, given the decision-mechanisms, social customs, and political realities of the society. (Colander, 2004). Simply stated, when the demand is high and the supply is low, then the price is high. The recent increase in oil prices is a perfect example of supply and demand. Supply and demand runs economics and the petroleum industry. This paper will analyze an article based on the 2005 oil outlook and discuss why changes have occurred in the supply, demand, and price in oil.