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
Last week oil prices finally stopped rising. They now hover around $43 a barrel, a 20-year high. The average American family w
Last week oil prices finally stopped rising. They now hover around $43 a barrel, a 20-year high. The average American family w
admin
2021-10-13
37
问题
Last week oil prices finally stopped rising. They now hover around $43 a barrel, a 20-year high. The average American family will spend about $2,700 on gasoline this year (driving 22,000 miles). That’s twice as much as it spent on gas two years ago. These prices are having a predictable consequence. The consumer price index has risen by 4.9 percent to date, versus 1.9 percent last year. And last week President Bush’s economic adviser, Gregory Mankiw, acknowledged that a $10 rise in the price of oil probably translates into a half-percentage-point drag on economic growth. For countries like Japan, China and India, the effect is even greater. How did this happen? And can Washington—or anybody—do much about it?
The answer that flashed on our television screens is instability in the Middle East. Pipeline explosions in Iraq, tensions with Iran and terror attacks in Saudi Arabia all contribute to what analysts call the "security premium" on the price of oil. But that premium might be exaggerated. Oil prices are rising for broader, structural reasons. The world may have to get used to expensive oil.
The largest ingredient in current oil prices has been a massive increase in demand. This year’s growth is double what it has been for the past six years (on average). That’s because the United States is in recovery, Japan’s economy is finally back and Asia—particularly China and India—is growing fast. In fact, this year is likely to have the strongest global growth on record in three decades—unless oil prices choke it off.
While demand is up, supply can’t rise much. For a variety of reasons, almost no oil-producing country has "surplus capacity"—the ability to put substantially more oil into tile market. Oil companies have been slow to increase investments in production, and these expenditures take a few years to bear fruit. "Right now oil markets are tighter than they were on the eve of the 1973 oil shocks. And they will stay tight for the next two years. That makes the geopolitics of oil crucial," says Daniel Yergin, the chairman of Cambridge Energy Research Associates.
If there is trouble anywhere, it will probably cause an oil shock. And think of the possibilities—instability in Venezuela, Nigeria, Indonesia, Libya, Saudi Arabia or, of course, Iraq. Last year the markets could absorb the loss of Iraqi oil (during the war). This year they can’t. Iraq has to stay online. And all these other countries have to stay stable.
There is only one country with significant surplus capacity—Saudi Arabia. Saudi Arabia has increased its production repeatedly over the past two years, or else prices would be higher still than they are. And the Saudis are making investments that will increase their surplus capacity by the end of the year. In a tight oil market, Saudi Arabia is the pivotal player.
Consider the irony. One of the Bush administrations (privately stated) reasons for going to war in Iraq was to reduce our dependence on Saudi Arabia’s oil power. It was a reasonable idea. But having botched the occupation, with Iraqi oil more insecure now than before the war, America is today more dependent on Saudi Arabia than ever before. Fortunately the Saudi regime has proved a responsible and reliable player, in this realm. "The Saudis are the central bankers of the world of oil. And they take that role seriously," says Yergin.
What to do about this new reality? George Bush proposes to increase U. S. production in Alaska. John Kerry calls for increased conservation. Bush is correct to argue that some increase in American production is important. In 1973, the United States imported one third of its oil from abroad. Today it imports two thirds. And exploration does not have to be ecologically devastating. Even if the major oilfields that are assumed to exist there were discovered in the Arctic National Wildlife Refuge, only a few thousand acres of the 19 million-acre refuge would be affected.
But the more lasting solution to America’s oil problem has to come from energy efficiency. American demand is the gorilla fueling high oil prices—more than instability or the rise of China or anything else. Between 1990 and 2000, the global trade in oil increased by 9.5 billion barrels. Half of that was accounted for the rise in U. S. imports.
America is consuming more because it is growing more—but also because over the past two decades, it has become much less efficient in its use of gasoline, the only major industrial country to slide backward. The reason is simple: three letters—SUV. In 1990 sport utility vehicles made up 5 percent of America’s cars. Today they make up 55 percent. They violate all energy-efficiency standards because of an absurd loophole in the law that allows them to be classified as trucks.
Bashing the Saudis is easy these days. Controlling our own wastefulness is more difficult. But making no mistake as to which one will make a difference.
The following are the reasons why Saudi Arabia plays an important role in the oil market except________.
选项
A、It has significant surplus capacity.
B、It will increase its investments in production.
C、It helps regulate the oil market.
D、There is an oil shock in the world.
答案
D
解析
本题考查对第六段的理解。沙特在世界石油市场扮演了重要角色,是因为沙特能为市场提供更多的石油,而且还将增加投资,并能调节石油市场。所以排除选项A、B和C。故选项D为正确答案。
转载请注明原文地址:https://kaotiyun.com/show/yvIK777K
0
专业英语八级
相关试题推荐
CulturalDifferencesbetweenEastandWestI.FactorsleadingtotheculturaldifferencesA.Differentculture【T1】______【T1】_
CulturalDifferencesbetweenEastandWestI.FactorsleadingtotheculturaldifferencesA.Differentculture【T1】______【T1】_
A、Notallofthestudentsappreciateherwork.B、Manystudentshavedifficultyinindependentstudy.C、Someofthestudentsadvo
A、Driverslosetheircoolandchangelanescarelessly.B、Driverslocktheirvehicleandrefusetoleavethehighways.C、Drivers
NoEnglishmanbelievesinworkingfrombooklearning.Hesuspectseverythingnew,anddislikesit,unlesshecanbecompelledb
(1)Iwastakenbyafriendoneafternoontoatheatre.Whenthecurtainwasraised,thestagewasperfectlyemptysavefortall
NoEnglishmanbelievesinworkingfrombooklearning.Hesuspectseverythingnew,anddislikesit,unlesshecanbecompelledb
NoEnglishmanbelievesinworkingfrombooklearning.Hesuspectseverythingnew,anddislikesit,unlesshecanbecompelledb
Shouldmuseumschargeforadmission?Museumsareexpensivetorun,withthecostsofacquisitions,conservation,maintenance,st
随机试题
Windows中,不能打开“资源管理器”窗口的操作是
患者,男,48岁。肝区疼痛2个月,CT平扫示右前叶和左内叶巨块型肝癌,拟行介入治疗。关于肝癌介入治疗,错误的是
患儿,2岁,化脓性脑膜炎。入院后出现意识不清,呼吸不规则,两侧瞳孔不等大,对光反射迟钝。该患儿可能出现的并发症是
来自世界卫生组织的资料显示,各国住院病人发生药品不良反应的比率在l0%一20%,出现不良反应的患者中有5%因为严重反应死亡。在全世界死亡的病人中,约有1/3的患者死于用药不当。据估计,我国不合理用药者占用药者的ll%一26%。根据《药品不良反应报告和监
已知某挖土机挖土的一个工作循环需要2分钟,每循环一次挖土0.5m3,工作班的延续时间为8小时,时间利用系数K=0.85,则该机械的产量定额为()m3/台班。
惠州拉娜公司2008年12月20日收到转账支票一张,属于业务伙伴金蝶公司偿还的第三批材料款8960元,公司出纳开出收据,填写银行进账单存入公司银行账户,12月25日公司销售人员推销出去一批化妆品,共计80箱,每箱160元,增值税2176元,客户支付了现金。
应纳税所得额是在企业税前会计利润(即利润总额)的基础上调整确定的,应交所得税=应纳税所得额B所得税税率。()
货币同盟意味着各同盟国放弃货币主权。()
某房地产开发公司(以下简称A公司)在某市商业街开发了一幢商品楼,售价4000元/m2。某甲选中了其中一套三居室,双方签订了购房合同并于2004年2月1日办理了付款交房的手续,并且约定一年之内办理所有权证书。某甲因公需要出国一年,为了方便房屋的维护
2011年是中国共产党成立90周年,在庆祝大会上胡锦涛指出,经过90年的奋斗、创造、积累,我们党和人民必须倍加珍惜、长期坚持、不断发展的成就是
最新回复
(
0
)