首页
外语
计算机
考研
公务员
职业资格
财经
工程
司法
医学
专升本
自考
实用职业技能
登录
外语
Could the bad old days of economic decline be about to return? Since OPEC agreed to supply-cuts in March, the price of crude oil
Could the bad old days of economic decline be about to return? Since OPEC agreed to supply-cuts in March, the price of crude oil
admin
2017-08-15
78
问题
Could the bad old days of economic decline be about to return? Since OPEC agreed to supply-cuts in March, the price of crude oil has jumped to almost $26 a barrel, up from less than $10 last December. This near-tripling of oil prices calls up scary memories of the 1973 oil shock, when prices quadrupled, and 1979—1980, when they also almost tripled. Both previous shocks resulted in double-digit inflation and global economic decline. So where are the headlines warning of gloom and doom this time?
The oil price was given another push up this week when Iraq suspended oil exports. Strengthening economic growth, at the same time as winter grips the northern hemisphere, could push the price higher still in the short term.
Yet there are good reasons to expect the economic consequences now to be less severe than in the 1970s. In most countries the cost of crude oil now accounts for a smaller share of the price of petrol than it did in the 1970s. In Europe, taxes account for up to four-fifths of the retail price, so even quite big changes in the price of crude have a more muted effect on pump prices than in the past.
Rich economies are also less dependent on oil than they were, and so less sensitive to swings in the oil price. Energy conservation, a shift to other fuels and a decline in the importance of heavy, energy-intensive industries have reduced oil consumption. Software, consultancy and mobile telephones use far less oil than steel or car production. For each dollar of GDP (in constant prices) rich economies now use nearly 50% less oil than in 1973. The OECD estimates in its latest Economic Outlook that, if oil prices averaged $22 a barrel for a full year, compared with $13 in 1998, this would increase the oil import bill in rich economies by only 0.25%—0.5% of GDP. That is less than one-quarter of the income loss in 1974 or 1980. On the other hand, oil-importing emerging economies—to which heavy industry has shifted—have become more energy-intensive, and so could be more seriously squeezed.
One more reason not to lose sleep over the rise in oil prices is that, unlike the rises in the 1970s, it has not occurred against the background of general commodity-price inflation and global excess demand. A sizable portion of the world is only just emerging from economic decline. The Economist’s commodity price index is broadly unchanging from a year ago. In 1973 commodity prices jumped by 70%, and in 1979 by almost 30%.
The main reason for the latest rise of oil price is ______.
选项
A、global inflation
B、reduction in supply
C、fast growth in economy
D、Iraq’s suspension of exports
答案
B
解析
本题可参照文章的第l段。从中可知,自从3月份石油输出国组织同意减产以来,原油的价格已经上涨到每桶26美元;油价近3倍的上涨使得人们回想起了以前的两次石油冲击,这两次石油冲击导致了两位数的通货膨胀率,并引发了全球性的经济衰退。据此可知,近期油价上涨的原因是石油输出国组织减少了石油的供应。B项与文章的意思相符,因此B项为正确答案。
转载请注明原文地址:https://kaotiyun.com/show/f4FO777K
0
考博英语
相关试题推荐
Thereareover6,000differentcomputerandonlinegamesintheworldnow.Asegmentofthemareconsideredtobebotheducation
Employmentbecamewidespreadwhenthe17thand18thcenturiesmademanypeopledependentonpaidworkbydeprivingthemoftheu
Thirty-onemillionAmericansareover60yearsofage,andtwenty-ninemillionofthemarehealthy,busy,productivecitizens.By
Usuallynewspapers____forpeoplewithintellectualinterests.
OnehundredboatsbearingonemilliondesperateuninvitedimmigrantssetsailfromtheGanges(恒河)forthefabledcoastoftheFre
OnehundredboatsbearingonemilliondesperateuninvitedimmigrantssetsailfromtheGanges(恒河)forthefabledcoastoftheFre
positiondefineforgetfulfancykeybalanceimportanceunhealthylacksubjectope
Everyoneexperiencesfearduringmajorcrisis—suchasfires,automobileaccidents,etc.Somepeopleevenfeelverynervouswhe
Oneofthebasiccharacteristicsofcapitalismistheprivateownershipofthemajormeansofproduction—capital.Theownershi
Foryears,doctorsadvisedtheirpatientsthattheonlythingtakingmultivitaminsdoesisgivethemextensiveurine(尿).Aftera
随机试题
简述第二次世界大战后国际分工的新特点。
2011年7月26上午,中国研制的深海载人潜水器“蛟龙”号成功潜至海面以下5057米,标志着中国已经进入载人深潜技术全球先进国家行列。7月28日,“蛟龙”号最大下潜深度达到
肝脏转移性肿瘤最常见的原发部位是
《马丘比丘宪章》的要点包括以下()。
下列模块中可以生成各种分析和评价企业财务状况、经营成果和现金流量的信息的是()。
实物财产的盘点报告表可以作为记账和登记账簿的原始凭证。()
依据契税的相关规定.下列行为不属于契税征税范围的是()。
下列关于VAR的说法,正确的有()。
出租车队去机场接某会议的参会者,如果每车坐3名参会者,则需另外安排一辆大巴送走余下的50人:如每车坐4名参会者,则最后正好多出3辆空车。则该车队有多少辆出租车?
手套:手镯
最新回复
(
0
)