Oil Price Increases on the U.S. Economy Cause and Effect Essay by Top Papers
Oil Price Increases on the U.S. Economy
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Description:
The paper discusses how the price of oil is closely connected with the growth of the U.S. economy, and it also has a large effect on the fluctuation of the economy. The paper explains that the price of oil directly effects the automobile industry and indirectly effects the unemployment rate, and it also has longer-lasting effects which can affect the economy in the future. This paper looks at several ways in which the recent high increases in the price of crude oil have already affected the economy of the United States.
From the Paper:
"The price of oil is closely connected with the growth of the U.S. economy, and it also has a large effect on the fluctuation of the economy. For example, the price of oil directly effects the automobile industry and indirectly effects the unemployment rate. It also has longer-lasting effects which can affect the economy in the future. One economist (Lakshman Achuthan) recently stated that "we're already in a mild recession" and that, in his opinion, "if we go towards $150 (a barrel), we start talking about something worse than a mild recession." (John, W.S.,...)"Cite this Cause and Effect Essay:
APA Format
Oil Price Increases on the U.S. Economy (2008, December 01)
Retrieved June 07, 2023, from https://www.academon.com/cause-and-effect-essay/oil-price-increases-on-the-us-economy-140358/
MLA Format
"Oil Price Increases on the U.S. Economy" 01 December 2008.
Web. 07 June. 2023. <https://www.academon.com/cause-and-effect-essay/oil-price-increases-on-the-us-economy-140358/>