Case Study in Supply and Demand

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Presentation transcript:

Case Study in Supply and Demand The World Oil Market

Crude Oil Prices Nominal $ Inflation-adjusted 2011 US$ 2011 $/barrel

Supply: Crude Oil Production 000s barrels/day - 8,000

Change in World Oil Price 1979 -1980 Supply 1980 $/barrel Supply 1979 30 20 Demand 1979 56,000 64,000 (000s of barrels/day)

SUPPLY: Crude Oil Production, OPEC Countries 31,000 - 8,000 23,000

SUPPLY: Crude Oil Production, Non OPEC Countries

Drastic Recent Movements in World Oil Prices

References Historical world oil prices and production http://www.eia.gov/petroleum/reports.cfm?t=66 http://www.wtrg.com/prices.htm Recent world oil prices: http://www.nasdaq.com/markets/crude-oil.aspx?timeframe=10y Video: A history of oil’s booms and busts, CNN.com http://money.cnn.com/video/investing/2016/02/18/oil-history-timeline.cnnmoney/index.html Cartoons: Reprinted by paid license permission from CagleCartoons www.caglecartoons.com Cartoonist: Tab, The Calgary Sun, 2/14/2005 Cartoonist: John Cole, The Scranton Times-Tribune, 12/19/2014 Reprinted with license permission from CagleCartoons

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