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What contributing factors affect the price of oil around the globe?…
What contributing factors affect the price of oil around the globe?
Introduction
Why I chose to do this EPQ
How I plan to set out this EPQ
Supply side influences
Brief explanation of the Micro economic principal about scarcity and choice
Demand side influences
Give some statistical background on the price of oil in
Size of the industry
Supply side influences
OPEC's contribution to the change in price
What OPEC does
Talk about their meeting 27/11/14
Explain why they failed to reach an agreement
What happened to the quantity of oil supplied
Link to the basic micro-economic principal about scarcity and choice
Iran's Nuclear deal
What happened to the supply for oil
Why there was a change in the supply for oil
Why this has leads to a change in the price for oil
Oversupplying of Oil by big exporters
Explain why the value of oil decreases as supply increases
Demand Side influences
Alternative sources of energy
Link to the influences of PV cells
What happens to the supply
What happened to the price after the introduction of alternative energy sources
The value of the US dollar
Value of the dollar has increased (SPICED)
Imports cheaper/ Exports deeper
Demand for US oil exports will fall
Prices of US oil will fall to keep customers interested
Seasonality
The Globes general temperature is rising
Less need for energy to generate heat
Prices fall to compensate for the fall in demand
Conclusion
What we can draw from the EPQ about why the price of oil has changed
Supply VS Demand factors
Which is the most and least influences factor to why the price of oil has changed
What are the long term implications of a change in the price of oil for the sustainability of the world's economy