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
2019-10-21
60
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 -80, 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 has 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 man in 1973. The OECD estimates in its latest Economic Outlook that, its 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
文章的第二句中“Since OPEC agreed to supply-cuts in March,the price of crude oil has jumped to almost $26 a barrel,…”,说明油价上涨是由于石油输出国组织最近的减少供应导致的。故应选B。
转载请注明原文地址:https://kaotiyun.com/show/urWd777K
本试题收录于:
公共英语五级笔试题库公共英语(PETS)分类
0
公共英语五级笔试
公共英语(PETS)
相关试题推荐
Howlongdidthedebatelast?
WhenDonaldOlayerenrolledinnursingschoolnineyearsago,hisfathertookithard."Here’smyfather,asteelworker,hearing
ArecenttrialhasgotridofAmerican’sinterestintheproblemofviolenceagainstwomen.
WithinamonthofmovingtoLondonfromLosAngelesinSeptember2002,JacobSagerWeinsteinstartedsendinglonge-mailstofam
Peoplewhohavealotofstressaremorelikelytobecomesick.
LincolnUniversity,beginningasaschoolofagriculture,istheoldestinstitutioninthecommonwealth.
______isnarrowinthenorthandwideinthesouth?______hasthefrequentoccurrenceofearthquake?
Internationalfreetradeoccurswhentherearenobarrierstotrade.Countriescangetalotofbenefitsfromfreetrade.(31),
Forhigh-riskpropositionsyieldinghighreturns,thereisnothingtobeatthehandfulcompaniesmarketingeternallife.(31)th
WorldleadersmetrecentlyatUnitedNationsheadquartersinNewYorkCitytodiscusstheenvironmentalissuesraisedattheRio
随机试题
碱剩余+8mmol/L可见于下列哪种情况
化学鉴别法不包括以下哪项
为了获得陶瓷与金属的良好结合,要求
天疱疮的临床特点是
李某的第一个难题是:()。甲公司目前的战略规划的完整性还欠缺:()。
关于检察官责任,以下说法哪一项或几项是不正确的?()
地基基础与主体结构分部工程应由总监组织施工单位项目负责人和技术质量负责人等进行验收,与地基基础、主体结构分部工程相关的()也应参加相关分部工程验收。
行文关系就是机关之间公文授受关系,它是依据机关组织体系和职权范围来确定的,通常不包括()。
破坏交通工具罪
每秒执行一百万条浮点指令的速度单位的英文缩写是()。
最新回复
(
0
)