kert keomonyrath's List: A price of crude oil has increased

• The demand for oil is highly dependent on global macroeconomic conditions. According to the International Energy Agency, high oil prices generally have a large negative impact on the global economic growth.

  • take note: because: macroeconomic conditions. price, 2000=$35, 2005=60$

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  • • Wikipedia, Price of petroleum available from http://en.wikipedia.org/wiki/Crude_oil_price accessed date Oct 22 2009 
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• Oil price has undergone a significant decrease since the record peak it reached in July 2008.
• Prices then increased rapidly, more than doubling by September 2000 to $35
• Crude oil prices surged to a record high above $60 in June 2005

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• • take note: graph from 1998-2009 of crude oil prices, high price 2007-08, high energy demand.

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  • • Author unknown 2009 Why Oil prices are bound to rise [online] available from http://economatters.wordpress.com/2009/05/16/why-oil-prices-are-bound-to-rise/ accessed date Oct 22 2009
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  • Growing industrialization in BRIC (Brazil, Russia, India, China) nations
• has pushed energy demand to record levels. Future growth in emerging countries will continue to drive up global energy demand.

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• • take note: price up 2003-2007, 1972-2007 price up $1 each.

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  • • Author unknown 2008 Impacts of Rising Crude Oil Prices on Corn and Soybean Production Costs [online] available from http://www.farmdoc.illinois.edu/Manage/newsletters/fefo08_10/fefo08_10.html accessed date Oct 22 2009
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• for example, crude oil prices and production costs have increased dramatically. Between 2003 and 2007, crude oil prices increased by $39 per barrel
• Between 1972 through 2007, results indicate that each $1 increase in crude oil price
• Crude oil prices and production costs tend to move together. From 1972 through 1982, crude oil price increased from $3.58 per barrel up to $35.87 per barrel.
• On a percentage basis, crude oil increases account for 59 percent of the cost increase and inflation accounts for 14 percent of the cost increase.

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• • Author unknown, History of Illinois Basin Posted Crude Oil Prices [online] available from http://www.ioga.com/special/crudeoil_Hist.htm accessed date 22 Oct 2009
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• • take note: table show price in Month and year average and other reason.

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