Oil price increases: World economic growth e.g. industrialisation. , Capitalist economies drive consumerism , Oil is a finite natural resource, Importing country reliant on one unstable country., Arab Oil Embargo 1973 (ceased oil production with US)., a country goes to war and requires more fuel for manufacturing weapons , Oil price decreases: Innovating renewable energies , Environmental regulation e.g. Kyoto Protocol. , Shale gas and fracking technologies, Oil spills e.g. BP Gulf of Mexico in 2010. , Importing country reliant on multiple countries., Terrorist attacks e.g. 9/11 ,

Oil price increase or decrease?

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