safeassign originality report.pdf

7/6/2015 SafeAssignOriginalityReport

https://safeassign.blackboard.com/B2Http/originalityReportPrint?1=1&paperId=95231698&&attemptId= 1/27

BBMF3123INTERNATIONALFINANCE

FinalFANWEIRFI2CHIAonMon,Jul062015,8:29PM

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safeassign.docxBeforewediscusswhycrudeoilisimportant,weneedtounderstandwhatcrudeoilisandwhatitisuseofway.

First,crudeoilisanaturallyoccurring,yellowtoblackliquidfoundingeologicalformationsbeneaththeEarth'ssurface,pumpedintoshipscalledtankers,andsailedacrosstheoceantooilrefineriesontheDelawareRiver. 1 ITISREFINEDANDSEPARATED,MOSTEASILYBYDISTILLATION,INTOALARGENUMBEROFCONSUMERPRODUCTS,FROMGASOLINEANDKEROSENETOASPHALTANDCHEMICALREAGENTSUSEDTOMAKEPLASTICSANDPHARMACEUTICALS.Crudeoilisusedinmanufacturingawidevarietyofmaterials,anditisestimatedthattheworldconsumesabout90millionbarrelseachday.

Russia,UnitedStates,andSaudiArabiaaretheworldtopthreecrudeoilproducers.AccordingtothedataofUSEnergyInformationAdministration(EIA)in2014,UnitedStates

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produce13973thousandbarrelsperday,SaudiArabiaproduce11624thousandbarrelsperdayandRussiaproduce10853thousandbarrelsperday.Wecanseethatthereishugeproductionofcrudeoildaybyday.Assupplydependsonthedemand,thereasonofwhytheproductionissohighitisbecausetheconsumption.Intheworldwide,thedailyconsumptionofcrudeoilis92.05millionbarrels.Theproductionisjusttocovertheconsumptiontightly.

Thefirstreasonofwhycrudeoilissoimportantisbecausecrudeoilproducthadinvolveinourdailylife.Petroleumproductsarematerialsderivedfromcrudeoilasitisprocessedinoilrefineries.Petroleumproductsarecomplexmixtures.Themajorityofpetroleumisconvertedtopetroleumproducts,whichincludesseveralclassesoffuels. 2 PETROLEUMPRODUCTSINCLUDETRANSPORTATIONFUELS,FUELOILSFORHEATINGANDELECTRICITYGENERATION,ASPHALTANDROADOIL,ANDTHEFEEDSTOCKUSEDTOMAKECHEMICALS,PLASTICS,ANDSYNTHETICMATERIALSFOUNDINNEARLYEVERYTHINGWEUSETODAY. 3 ABOUT74%OFTHE6.89BILLIONBARRELSOFPETROLEUMTHATWEUSEDIN2013WEREGASOLINE,HEATINGOIL/DIESELFUEL,ANDJETFUEL.

Othersproductsofcrudeoillikeclothing,furniture,insulation,kitchenitems.Carsandfoods. 4 PETROLEUMISUSEDTOHELPMAKECLOTHINGNONFLAMMABLEANDCOLORFUL.ITISUSEDINTHEPRODUCTIONOFRAYON,NYLON,POLYESTER,ANDEVENARTIFICIALFURS.COUCHCUSHIONSAREOFTENFILLEDWITHDURABLE,LIGHTWEIGHTPOLYURETHANEFOAM.CRUDEOILISALSOIMPORTANTINTHEPRODUCTIONOFYOURCARSHOSES,WIRING,ANDMANYFLUIDS(ANTIFREEZE,BRAKEFLUID,TRANSMISSIONFLUID,MOTOROIL,ANDLUBRICATINGGREASE).MANYOFOURFOODITEMSARESTOREDANDORPACKAGEDINPLASTICSASWELLMEANINGTHATCRUDEOILPLAYSALARGEPARTINTHEPRODUCTIONOFYOURFOOD.

THEPRICEOFCRUDEOILMEANSALOTMORETOUSTHANJUSTPAYINGAFEWDOLLARSMOREATTHEPUMP.ASWECANSEE,OILISIMPORTANT



TOTHEPRODUCTIONANDTRANSPORTATIONOFMANYOFTHEITEMSTHATWEUSEONAREGULARBASIS.THISMEANSTHATMANYSECTORSOFTHEECONOMYWILLBEADVERSELYAFFECTEDBYINCREASINGOILPRICES.

Furthermore,crudeoilalsoplaysanimportantroleinfinancialmarket.Wecantradethecrudeoilfuturesinthemarketforinvestment. 5 LIKEEVERYCOMMODITY,CRUDEOILHASITSOWNTICKERSYMBOL,CONTRACTVALUEANDMARGINREQUIREMENTS.TOSUCCESSFULLYTRADEACOMMODITY,YOUMUSTBEAWAREOFTHESEKEYCOMPONENTS.FUTURESCONTRACTSFORCRUDEOILARETRADEDATTHENEWYORKMERCANTILEEXCHANGE(NYMEX),INTERCONTINENTALEXCHANGE(ICE),DUBAIMERCANTILEEXCHANGE(DME),MULTICOMMODITYEXCHANGE(MCX),INDIA'SNATIONALCOMMODITYANDDERIVATIVESEXCHANGE(NCDEX)ANDTHETOKYOCOMMODITYEXCHANGE(TOCOM).Crudeoilsfuturesaretradedat1000barrelspercontractunitandquotedatUSdollarandcents. 6 CRUDEOILFUTURESARELISTEDNINEYEARSFORWARDUSINGTHEFOLLOWINGLISTINGSCHEDULE:CONSECUTIVEMONTHSARELISTEDFORTHECURRENTYEARANDTHENEXTFIVEYEARSINADDITION,THEJUNEANDDECEMBERCONTRACTMONTHSARELISTEDBEYONDTHESIXTHYEAR.ADDITIONALMONTHSWILLBEADDEDONANANNUALBASISAFTERTHEDECEMBERCONTRACTEXPIRES,SOTHATANADDITIONALJUNEANDDECEMBERCONTRACTWOULDBEADDEDNINEYEARSFORWARD,ANDTHECONSECUTIVEMONTHSINTHESIXTHCALENDARYEARWILLBEFILLEDIN.

Thesettlementofcrudeoilfuturescanmakeintwoway,oneisdeliveryandtheotheroneistradeoffbeforethesettlementdate.Someownersarejusttotradethecrudeoilfuturesformakemoneyandsomeoftheownersareseekingtheneedofrawmaterials.

7 INJUNE2014,THEPRICEOFCRUDEOILWASUPAROUND$115PER



BARREL.ASOFJANUARY23,2015,ITHADFALLENBYMORETHANHALF,DOWNTO$49PERBARREL:

FORMUCHOFTHEPASTDECADE,OILPRICESHAVEBEENHIGH,BOUNCINGAROUND$100PERBARRELSINCE2010BECAUSEOFSOARINGOILCONSUMPTIONINCOUNTRIESLIKECHINAANDCONFLICTSINKEYOILNATIONSLIKEIRAQ.OILPRODUCTIONINCONVENTIONALFIELDSCOULDN'TKEEPUPWITHDEMAND,SOPRICESSPIKED.

BUTBELOWTHESURFACE,MANYOFTHOSEDYNAMICSWERERAPIDLYSHIFTING.HIGHPRICESSPURREDCOMPANIESINTHEUSANDCANADATOSTARTDRILLINGFORNEW,HARDTOEXTRACTCRUDEINNORTHDAKOTA'SSHALEFORMATIONSANDALBERTA'SOILSANDS.THENOVERTHELASTYEAR,DEMANDFOROILINPLACESLIKEEUROPE,ASIA,ANDTHEUSBEGANTAPERINGOFF,CAUSEDBYTHEWEAKENINGECONOMIESANDNEWEFFICIENCYMEASURES.

BYENDOF2014,WORLDOILSUPPLYWASONTRACKTORISEMUCHHIGHERTHANACTUALDEMAND,ASTHECHARTBELOWFROMTHEINTERNATIONALENERGYAGENCYSHOWS.ALOTOFUNUSEDOILWASSIMPLYBEINGSTOCKPILEDAWAYFORLATER.SO,INSEPTEMBER,PRICESSTARTEDFALLINGSHARPLY.

ASPRICESSLID,MANYOBSERVERSWAITEDTOSEEWHETHEROPEC,THEWORLD'SLARGESTOILCARTEL,WOULDCUTBACKONPRODUCTIONTOPUSHPRICESBACKUP. 8 BUTATITSBIGMEETINGLASTNOVEMBER,OPECDIDNOTHING. 7 SAUDIARABIADIDN'TWANTTOGIVEUPMARKETSHAREANDREFUSEDTOCUTPRODUCTIONINTHEHOPESTHATLOWERPRICESWOULDHELPTHROTTLETHEUSSHALEBOOM.THATWASASURPRISE.SOOILWENTINTOFREEFALL.



DURINGTHEMID2000S,OILPRICESWERERISINGSHARPLYBECAUSEGLOBALDEMANDWASSURGINGESPECIALLYINCHINAANDTHERESIMPLYWASN'TENOUGHOILPRODUCTIONTOKEEPUP.THATLEDTOLARGEPRICESPIKES,ANDOILFLOATEDAROUND$100PERBARRELBETWEEN2011AND2014. 8 ASOILPRICESINCREASED,MANYENERGYCOMPANIESFOUNDITPROFITABLETOBEGINEXTRACTINGOILFROMEVERYWHEREEVENITISDIFFICULTTODOSO. 7 INTHEUNITEDSTATES,COMPANIESBEGANUSINGTECHNIQUESLIKEFRACKINGANDHORIZONTALDRILLINGTOEXTRACTOILFROMSHALEFORMATIONSINNORTHDAKOTAANDTEXAS.INCANADA,COMPANIESWEREHEATINGALBERTA'SGOOEYOILSANDSWITHSTEAMTOEXTRACTUSABLECRUDE.THISLEDTOABOOMIN"UNCONVENTIONAL"oilproduction. 7 THEGLOBALCRUDEPRODUCTIONISABOUT75MILLIONBARRELSPERDAY,USALONEHASADDED4MILLIONEXTRABARRELSOFCRUDEOILPERDAYTOTHEGLOBALMARKETSINCE2008.

THEUSOILBOOMHADSURPRISINGLYLITTLEEFFECTONGLOBALPRICES.THATSBECAUSEATTHESAMETIME,GEOPOLITICALCONFLICTSWEREFLARINGUPINKEYOILREGIONS.THEREWASACIVILWARINLIBYA.THEUSANDEUSLAPPEDOILSANCTIONSONIRANANDPINCHEDITSOILEXPORTS.THOSECONFLICTSTOOKMORETHAN3MILLIONBARRELSPERDAYOFFTHEMARKET.BYMID2014,HOWEVER,THOSEOUTAGESANDCONFLICTSWERENOLONGERQUITEASIMPORTANT.PRODUCTIONINTHEUNITEDSTATESANDCANADAWASSTILLRISINGFASTANDTHEWORLD'SSUPPLYOFOILKEPTGROWING.

OILDEMANDINASIAANDEUROPESUDDENLYBEGANWEAKENING,THANKSTOSLOWDOWNSINCHINAANDGERMANY.MOREBROADLY,OILDEMANDHASBEENFLATLININGINLOTSOFPLACESAROUNDTHEWORLD.THEUNITEDSTATES,ONCETHEWORLD'SBIGGESTOIL



CONSUMER,HASSEENGASOLINECONSUMPTIONSTAGNATEASCARSBECAMEMOREFUELEFFICIENT.ATTHESAMETIME,COUNTRIESLIKEINDONESIAANDIRANHAVEBEENCUTTINGBACKONSUBSIDIESFORFUELUSERS.THATCOMBINATIONOFWEAKERTHANEXPECTEDDEMANDANDSTEADILYRISINGSUPPLYCAUSEDOILPRICESTOSTARTDROPPINGFROMTHEIRJUNEPEAKOF$115PERBARRELDOWNTOAROUND$80PERBARRELBYMIDNOVEMBER.

SaudiArabiaistheKingdomofcrudeoil,itexertmoreinfluenceontheglobalcrudeoilpricethanothercountries.Asoilpricekeepsgoingtodrop,everyonetryingtowraptheirheadsaroundthereasonsespeciallytothecountrythatdependsoncrudeoilasamajorincomessuchasMalaysia.Ifdecreaseofthecrudeoilprice,ThereisahugeimpacttoMalaysiaseconomic.Accordingtoourfinding,wefoundthattherearemanyreasonscancausethefluctuationofthecrudeoilpricesuchassupplyanddemandeffectandothers.

Oneofthemajoreffectsissupplyanddemandthatdrivescrudeoilpricesupanddown.Theentireprocessofoilconsiderspurelyelasticsacommodityastheeverymovementoftheproductionandconsumptionsidescanreflectedintheprice. 9 NORMALLY,PRODUCERANDCONSUMERWILLADJUSTTHEIRSUPPLYANDCONSUMPTIONRELIESONPRICESTOFUNCTIONASACCURATESIGNALS.YET,CRUDEOILISTHEMOSTWIDELYTRADEDCOMMODITYANDFLUCTUATINGCANAFFECTNATIONALECONOMIES.Tosecureallthesefluctuationriskofprice,therearemanybusinessestakeadvantagesoffuturesmarkettoguardthemselvesagainstthemovementofpriceandthespeculatorscomeinforspeculation.9 ACCORDINGONEOFTHEARTICLES,THEWRITERMENTIONEDABOUTTHEPETRONOMISTSECONOMISTWILLNOTONLYUNDERLYINGTHETHEORYSUPPLYANDDEMANDAFFECTSPRICESBUTALSOMENTIONEDHOWTHEFUTURESCONTRACTCOULDDOMINATETHEPRICEOFCRUDEOIL.

Fromthepreviousstudied,welearnedaboutsupplyanddemandcurves.Wherebothof



thesecurvesshowtherelationshipbetweenpriceandquantityoftheoilproducerareavailabletosellorbuy. 9 ASTUDYOFSUPPLYLAWISTHATCRUDEOILPRICEINCREASEASTHEPRODUCERWILLREACTBYRISETHEPRODUCTIONTOGAINMOREPROFIT.However,ifoilpricesdropwhensupplywithahugeshrink,thenproducerstartstoreducetheproductionandcuttheirlosses.

Graph: 9 OILSUPPLYSHIFT

Thegraphshowsthecrudeoilpricecurvescanshiftpositionandifthesupplycurveshiftstoright(SS1toSS2),thismeansthatisanincreaseoilsupplythereforethepricealsoshiftedtoright(P1toP2)andquantityofcrudeoilalsoincreaseassupplyincrease(Q1toQ2).

Afterthesupplyssideeffectandnowweregoingtodiscussaboutthedemandseffect.Theoryofdemandisthecrudeoilpricedecreaseandthesupplystillabundant,theconsumerlikeChinawillrespondedbyaddingmoreconsumptiontostore.Inasimplemeansthatwhencheaperoilbecomesmoreconsumerstobuy.Besides,thenumberofdemandofcrudeoilpricealsoplaysanimportantrole.AccordingtosourceofUSEIA,recentlythenumberofdemandincreaserapidly,OrganizationforEconomiesCorporationandDevelopment(OECD),economiessaysitmakeupabout66%ofthetotalworlddemand.Theroseofdemandfrom60mbarrelsto85mbarrelsperdaysbetween1980and2008andworlddemandincreasesharplyaround40%.

Well,letusquestionourselveswhatfactorcaninfluencethedemand?Theansweristheentireeconomicgrowth.Economicgrowthisthemajorfactorcanshiftthedemandupordown. 9 OVERTHEPASTDECADE,ASIAISTHEREGIONWITHFASTESTDEMANDGROWTHAMONGOTHERREGIONSANDITCONTRIBUTED56%OFTHEGLOBALOILDEMAND.

ChinaisthesecondworldslargestoilconsumeranditsurpassedtheUSasthelargestimporteroffuelinyear2013.TheChinesetransportsectorincreaseleadastronggaininconsumesofcrudeoil.Themotorgasolinegrowthindicatesarecoverofgenerallyslowing



domesticeconomicgrowth.However,thetransportfueldemandwasroseasconsumerconfidence.Itshowsthatcontinuetoexpandeventhoughthesteadilyslowdomesticeconomy.

7 (SOURCESOFIEA,INTERNATIONALENERGYAGENCY)

Accordingtotheresearch,unexpectedweatherisanissuethataffectsoilsupply. 10DURING2005,AHURRICANEKATRINAWASDAMAGEDTOU.SANDCEASEDTHEOILPRODUCTIONALONGTHESOTHERNGULFCOASTINMEXICO.ASDEMANDREMAINEDUNCHANGEDBUTTHESUPPLYWERETREMENDOUSLYCUT,THEREFORETHEOILPRICESRAISEDOVER$70PERBARRELINAPERIODOFTIME. 9 DUETOTHISREASON,THEPRESIDENTBUSHWASDECIDEDSPREADOUTTHE30MILLIONGALLONFROMTHECOUNTRYSSTRATEGICPETROLEUMRESERVE(SPR)ANDBROUGHTBACKTHEOILANDMAKESURETHEPRICEGOESDOWN.

PETRONASsarticlewastoldthattheoilpricefallisnotreducingthesupply.Theadverseofexpectations,thefallofcrudeoilpriceisnotdeductingofthecrudeoilproductionguidance.However,thecontendisbetweenSaudiArabia,anincrementalofUSshaleproducersanddecidedtodefineitsmarketsharesbySaudiArabia.Besides,about11USshaleproducerswithmorethan20,000BOEperdaywereannouncedtocutoffthecapitalexpenditureandonlytwoofthemhaveprojectedflatin2015output,whiletherestprojectingin43%ofproductiongrowth.(Figure5).Thisgrowthisbecauseoftheexplorationcostwasoccurredanditsoftenthelargestpartoftotalcosts.Regardedassunkcost,theproductioncostisvariableandhaslittleeffectontheprice.(Figure6).

Last,theimpactofderivativesmarketandmarketperceptionthatinfluencethecrudeoilprice.Thefluctuationofoilpricesareexposedbytheoilproducerandconsumertotheriskbroughtbythesefluctuations.Afuturecontractcanprovideinsurancefortheproducerandconsumertominimizetheriskbutthisfuturecontractrequiresapremium.Thespeculatorsarenotbuyingtheactualcommodityfromtheproducerbuttheyjusttradewithinthe



derivativemarkettoearnprofits.Inyear2008,theoilpricewasroseover$145perbarrelanditwasduetotheoilsuppliersunabletoconvincebuyersthattheywouldproperlydelivertheoilintheagreeddate.Although,therewasnointerruptionofsupplysside,however,basedontheundeliveredperceptionwasstronglyinfluencethefuturetrading,asaresult,thiswasartificiallyhikedupthecrudeoilprice.

Wherethereisanincreaseincrudeoilprices,itbenefittothoseexporterofcrudeoilwhichincludedSaudiArabia,Russia,UnitedArabEmirates,Iraq,Nigeriaandothers. 11CRUDEOILISPROCESSEDINREFINERIESTOMAKEGASOLINE,DIESEL,HEATINGOIL,JETFUEL,LUBRICANTS,PETROCHEMICALFEEDSTOCKSANDOTHERPETROLEUMPRODUCTS.PETROLEUMPRODUCTPRICESTENDTOMOVETOGETHERWITHCRUDEOILPRICES,WITHSOMEVARIATIONDUETOSEASONALITY,FACTORSSPECIFICTOTHEMARKETFORAPARTICULARPRODUCT,ORREFININGOUTAGES.Risingofcrudeoilpriceswillincreasethetransportationcostfortheconsumerandalsoindustrythathighlyrelyoncrudeoil,whentheoilpriceincreased,consumerandothersectorwhohavehighdemandofcrudeoilwillsuffers.Bothofthemwillhaveahighercostofoperating,fromconsumerperspectivetheytendstohavelesserdisposableincometospendorinvestinthemarket,fromthesectorwhoinvolvedhighusageofcrudeoilwillhaveahighercostwhichwilllimitthegrowthofthesector.

Ifthecrudeoilpricesfall,itwillbenefitfortheimporterwhichincludedUnitedStates,Japan,China,SouthKorean,Indiaandothersbecausetheyfinditcheapertoimport.Forexportingsectorwhousuallyhaveahighersensitivitytocrudeoilpricemovementwillhaveloweroperatingcostwhencrudeoilpricesfallhencereportapositiveearningintheirfinancialstatement.Nevertheless,consumerwouldbebenefitfromthedeclininginpetroleumpriceiftheparticularcountryallowsfloatingoilpriceaccordingtotheworldpricemovementofcrudeoil.Countriesthathighlydealwithcrudeoilpricearethemostaffectedbythedecliningofcrudeoilpriceandcreateatremendousdamagetothepetroleumindustryandallofthemwillreportanegativeearnings,foreigninvestorswilllostconfidence



towardsthemarketandwillexitorreducethefundinvestedinthemarketthusthecurrencyofthecountrieswhohighlyrelyonoilandgassectorwillfallaccordingly.

12 SINCEWORLDCRUDEOILMARKETPRICESHITHISTORICHIGHSIN2008,PRICESDECLINEDBYABOUT70%IN2009,THENDOUBLEDBY2011,ANDTHENDECREASEDBYOVER20%DURING2014

Citations(12/12)

MatchedText

1 Anotherstudent'spaper



4 http://www.biblemoneymatters.com/7importantusesforcrudeoilandwhyitmatters/

5 http://www.investopedia.com/university/commodities/commodities6.asp

6 https://www.cannontrading.com/tools/futuresmarket/energies/WTILightSweetCrudeOilFutures

7 http://www.vox.com/2014/12/16/7401705/oilpricesfalling

8 http://www.observer.org.sz/business/69334whyoilpriceskeepfalling.html

9 http://petronomist.com/oilpriceanalysis2/

10 http://oilprice.com/Energy/OilPrices/WhatAffectsOilPrices.html

11 http://www.eia.gov/finance/markets/spot_prices.cfm

12 http://www.theenergycollective.com/jemillerep/2146151/aredecliningoilpricesincreasingrisksopecusenergysecurityorcleanfuels

SuspectedEntry:75%match



Uploadedsafeassign.docxITISREFINEDANDSEPARATED,MOSTEASILYBYDISTILLATION,INTOALARGENUMBEROFCONSUMERPRODUCTS,FROMGASOLINEANDKEROSENETOASPHALTANDCHEMICALREAGENTSUSEDTOMAKEPLASTICSANDPHARMACEUTICALS

SourceAnotherstudent'spaperPetroleumisrefinedandseparated,mosteasilybydistillationintoalargenumberofconsumerproductslikegasoline,materialusedtomakeplasticsandmore


Uploadedsafeassign.docxPETROLEUMPRODUCTSINCLUDETRANSPORTATIONFUELS,FUELOILSFORHEATINGANDELECTRICITYGENERATION,ASPHALTANDROADOIL,ANDTHEFEEDSTOCKUSEDTOMAKECHEMICALS,PLASTICS,ANDSYNTHETICMATERIALSFOUNDINNEARLYEVERYTHINGWEUSETODAY

SourceAnotherstudent'spaperPetroleumproductsincludetransportationfuels,fueloilsforheatingandelectricitygeneration,asphaltandroadoil,andthefeedstockusedtomakechemicals,plastics,andsyntheticmaterialsfoundinnearlyeverythingweusetoday


Uploadedsafeassign.docxABOUT74%OFTHE6.89BILLIONBARRELSOFPETROLEUMTHATWEUSEDIN2013WEREGASOLINE,HEATINGOIL/DIESELFUEL,ANDJETFUEL

SourceAnotherstudent'spaperInaddition,75%ofthe6.79billionbarrelsofpetroleumthatweusedin2012weregasoline,heatingoil/dieselfuel,andjetfuel(2013)


Uploadedsafeassign.docxPETROLEUMISUSEDTOHELPMAKECLOTHINGNONFLAMMABLEANDCOLORFUL

Sourcehttp://www.biblemoneymatters.com/7importantusesforcrudeoilandwhyitmatters/ClothingPetroleumisusedtohelpmakeclothingnonflammableandcolorful




Uploadedsafeassign.docxITISUSEDINTHEPRODUCTIONOFRAYON,NYLON,POLYESTER,ANDEVENARTIFICIALFURS

Sourcehttp://www.biblemoneymatters.com/7importantusesforcrudeoilandwhyitmatters/Itisusedintheproductionofrayon,nylon,polyester,andevenartificialfurs


Uploadedsafeassign.docxCOUCHCUSHIONSAREOFTENFILLEDWITHDURABLE,LIGHTWEIGHTPOLYURETHANEFOAM

Sourcehttp://www.biblemoneymatters.com/7importantusesforcrudeoilandwhyitmatters/FurnitureAccordingtoConocoPhillips,couchcushionsareoftenfilledwithdurable,lightweightpolyurethanefoam


Uploadedsafeassign.docxCRUDEOILISALSOIMPORTANTINTHEPRODUCTIONOFYOURCARSHOSES,WIRING,ANDMANYFLUIDS(ANTIFREEZE,BRAKEFLUID,TRANSMISSIONFLUID,MOTOROIL,ANDLUBRICATINGGREASE)

Sourcehttp://www.biblemoneymatters.com/7importantusesforcrudeoilandwhyitmatters/Crudeoilisalsoimportantintheproductionofyoucarshoses,wiring,andmanyfluids(antifreeze,brakefluid,transmissionfluid,motoroil,andlubricatinggrease)


Uploadedsafeassign.docxMANYOFOURFOODITEMSARESTOREDANDORPACKAGEDINPLASTICSASWELL

Sourcehttp://www.biblemoneymatters.com/7importantusesforcrudeoilandwhyitmatters/Manyofourfooditemsarestoredandorpackagedinplasticsaswell


Uploadedsafeassign.docx Sourcehttp://www.biblemoneymatters.com/7



MEANINGTHATCRUDEOILPLAYSALARGEPARTINTHEPRODUCTIONOFYOURFOOD

importantusesforcrudeoilandwhyitmatters/meaningthatcrudeoilplaysalargepartintheproductionofyourfood


Uploadedsafeassign.docxTHEPRICEOFCRUDEOILMEANSALOTMORETOUSTHANJUSTPAYINGAFEWDOLLARSMOREATTHEPUMP

Sourcehttp://www.biblemoneymatters.com/7importantusesforcrudeoilandwhyitmatters/WhatThisMeansForUsThepriceofcrudeoilmeansalotmoretousthanjustpayingafewdollarsmoreatthepump


Uploadedsafeassign.docxASWECANSEE,OILISIMPORTANTTOTHEPRODUCTIONANDTRANSPORTATIONOFMANYOFTHEITEMSTHATWEUSEONAREGULARBASIS

Sourcehttp://www.biblemoneymatters.com/7importantusesforcrudeoilandwhyitmatters/Aswecansee,oilisimportanttotheproductionandtransportationofmanyoftheitemsthatweuseonaregularbasis


Uploadedsafeassign.docxTHISMEANSTHATMANYSECTORSOFTHEECONOMYWILLBEADVERSELYAFFECTEDBYINCREASINGOILPRICES

Sourcehttp://www.biblemoneymatters.com/7importantusesforcrudeoilandwhyitmatters/Thismeansthatmanysectorsoftheeconomywillbeadverselyaffectedbyincreasingoilprices,orhelpedwhentheygodown


Uploadedsafeassign.docxLIKEEVERYCOMMODITY,CRUDEOILHASITSOWNTICKERSYMBOL,CONTRACTVALUEANDMARGINREQUIREMENTS

Sourcehttp://www.investopedia.com/university/commodities/commodities6.aspUnderstandingCrudeOilContractsLikeeverycommodity,crudeoilhasitsowntickersymbol,



contractvalueandmarginrequirements


Uploadedsafeassign.docxTOSUCCESSFULLYTRADEACOMMODITY,YOUMUSTBEAWAREOFTHESEKEYCOMPONENTS

Sourcehttp://www.investopedia.com/university/commodities/commodities6.aspTosuccessfullytradeacommodity,youmustbeawareofthesekeycomponentsandunderstandhowtousethemtocalculateyourpotentialprofitsandloss


Uploadedsafeassign.docxFUTURESCONTRACTSFORCRUDEOILARETRADEDATTHENEWYORKMERCANTILEEXCHANGE(NYMEX),INTERCONTINENTALEXCHANGE(ICE),DUBAIMERCANTILEEXCHANGE(DME),MULTICOMMODITYEXCHANGE(MCX),INDIA'SNATIONALCOMMODITYANDDERIVATIVESEXCHANGE(NCDEX)ANDTHETOKYOCOMMODITYEXCHANGE(TOCOM)

Sourcehttp://www.investopedia.com/university/commodities/commodities6.aspCrudeOilExchangesFuturescontractsforcrudeoilaretradedattheNewYorkMercantileExchange(NYMEX),IntercontinentalExchange(ICE),DubaiMercantileExchange(DME),MultiCommodityExchange(MCX),India'sNationalCommodityandDerivativesExchange(NCDEX)andtheTokyoCommodityExchange(TOCOM)


Uploadedsafeassign.docxCRUDEOILFUTURESARELISTEDNINEYEARSFORWARDUSINGTHEFOLLOWINGLISTINGSCHEDULE

Sourcehttps://www.cannontrading.com/tools/futuresmarket/energies/WTILightSweetCrudeOilFuturesListedContractsCrudeoilfuturesarelistednineyearsforwardusingthefollowinglistingschedule




Uploadedsafeassign.docxCONSECUTIVEMONTHSARELISTEDFORTHECURRENTYEARANDTHENEXTFIVEYEARS

Sourcehttps://www.cannontrading.com/tools/futuresmarket/energies/WTILightSweetCrudeOilFuturesconsecutivemonthsarelistedforthecurrentyearandthenextfiveyears


Uploadedsafeassign.docxINADDITION,THEJUNEANDDECEMBERCONTRACTMONTHSARELISTEDBEYONDTHESIXTHYEAR

Sourcehttps://www.cannontrading.com/tools/futuresmarket/energies/WTILightSweetCrudeOilFuturesinaddition,theJuneandDecembercontractmonthsarelistedbeyondthesixthyear


Uploadedsafeassign.docxADDITIONALMONTHSWILLBEADDEDONANANNUALBASISAFTERTHEDECEMBERCONTRACTEXPIRES,SOTHATANADDITIONALJUNEANDDECEMBERCONTRACTWOULDBEADDEDNINEYEARSFORWARD,ANDTHECONSECUTIVEMONTHSINTHESIXTHCALENDARYEARWILLBEFILLEDIN

Sourcehttps://www.cannontrading.com/tools/futuresmarket/energies/WTILightSweetCrudeOilFuturesAdditionalmonthswillbeaddedonanannualbasisaftertheDecembercontractexpires,sothatanadditionalJuneandDecembercontractwouldbeaddednineyearsforward,andtheconsecutivemonthsinthesixthcalendaryearwillbefilledin


Uploadedsafeassign.docxINJUNE2014,THEPRICEOFCRUDEOILWASUPAROUND$115PERBARREL

Sourcehttp://www.vox.com/2014/12/16/7401705/oilpricesfallingBackinJune2014,thepriceofBrentcrudewasuparound$115perbarrel




Uploadedsafeassign.docxASOFJANUARY23,2015,ITHADFALLENBYMORETHANHALF,DOWNTO$49PERBARREL

Sourcehttp://www.vox.com/2014/12/16/7401705/oilpricesfallingAsofJanuary23,2015,ithadfallenbymorethanhalf,downto$49perbarrel


Uploadedsafeassign.docxFORMUCHOFTHEPASTDECADE,OILPRICESHAVEBEENHIGH,BOUNCINGAROUND$100PERBARRELSINCE2010BECAUSEOFSOARINGOILCONSUMPTIONINCOUNTRIESLIKECHINAANDCONFLICTSINKEYOILNATIONSLIKEIRAQ

Sourcehttp://www.vox.com/2014/12/16/7401705/oilpricesfallingFormuchofthepastdecade,oilpriceshavebeenhighbouncingaround$100perbarrelsince2010becauseofsoaringoilconsumptionincountrieslikeChinaandconflictsinkeyoilnationslikeIraq


Uploadedsafeassign.docxOILPRODUCTIONINCONVENTIONALFIELDSCOULDN'TKEEPUPWITHDEMAND,SOPRICESSPIKED

Sourcehttp://www.vox.com/2014/12/16/7401705/oilpricesfallingOilproductioninconventionalfieldscouldn'tkeepupwithdemand,sopricesspiked


Uploadedsafeassign.docxBUTBELOWTHESURFACE,MANYOFTHOSEDYNAMICSWERERAPIDLYSHIFTING

Sourcehttp://www.vox.com/2014/12/16/7401705/oilpricesfallingButbeneaththesurface,manyofthosedynamicswererapidlyshifting




Uploadedsafeassign.docxHIGHPRICESSPURREDCOMPANIESINTHEUSANDCANADATOSTARTDRILLINGFORNEW,HARDTOEXTRACTCRUDEINNORTHDAKOTA'SSHALEFORMATIONSANDALBERTA'SOILSANDS

Sourcehttp://www.vox.com/2014/12/16/7401705/oilpricesfallingHighpricesspurredcompaniesintheUSandCanadatostartdrillingfornew,hardtoextractcrudeinNorthDakota'sshaleformationsandAlberta'soilsands


Uploadedsafeassign.docxTHENOVERTHELASTYEAR,DEMANDFOROILINPLACESLIKEEUROPE,ASIA,ANDTHEUSBEGANTAPERINGOFF,CAUSEDBYTHEWEAKENINGECONOMIESANDNEWEFFICIENCYMEASURES

Sourcehttp://www.vox.com/2014/12/16/7401705/oilpricesfallingThen,overthelastyear,demandforoilinplaceslikeEurope,Asia,andtheUSbegantaperingoff,thankstoweakeningeconomiesandnewefficiencymeasures


Uploadedsafeassign.docxBYENDOF2014,WORLDOILSUPPLYWASONTRACKTORISEMUCHHIGHERTHANACTUALDEMAND,ASTHECHARTBELOWFROMTHEINTERNATIONALENERGYAGENCYSHOWS

Sourcehttp://www.vox.com/2014/12/16/7401705/oilpricesfallingBylate2014,worldoilsupplywasontracktorisemuchhigherthanactualdemand,asthechartbelowfromtheInternationalEnergyAgencyshows


Uploadedsafeassign.docxALOTOFUNUSEDOILWASSIMPLYBEINGSTOCKPILEDAWAYFORLATER

Sourcehttp://www.vox.com/2014/12/16/7401705/oilpricesfallingAlotofunusedoilwassimplybeingstockpiledawayforlater




Uploadedsafeassign.docxSO,INSEPTEMBER,PRICESSTARTEDFALLINGSHARPLY

Sourcehttp://www.vox.com/2014/12/16/7401705/oilpricesfallingSo,inSeptember,pricesstartedfallingsharply


Uploadedsafeassign.docxASPRICESSLID,MANYOBSERVERSWAITEDTOSEEWHETHEROPEC,THEWORLD'SLARGESTOILCARTEL,WOULDCUTBACKONPRODUCTIONTOPUSHPRICESBACKUP

Sourcehttp://www.vox.com/2014/12/16/7401705/oilpricesfallingAspricesslid,manyobserverswaitedtoseewhetherOPEC,theworld'slargestoilcartel,wouldcutbackonproductiontopushpricesbackup


Uploadedsafeassign.docxSAUDIARABIADIDN'TWANTTOGIVEUPMARKETSHAREANDREFUSEDTOCUTPRODUCTIONINTHEHOPESTHATLOWERPRICESWOULDHELPTHROTTLETHEUSSHALEBOOM

Sourcehttp://www.vox.com/2014/12/16/7401705/oilpricesfallingSaudiArabiadidn'twanttogiveupmarketshareandrefusedtocutproductioninthehopesthatlowerpriceswouldhelpthrottletheUSshaleboom


Uploadedsafeassign.docxTHATWASASURPRISE

Sourcehttp://www.vox.com/2014/12/16/7401705/oilpricesfallingThatwasasurprise




Uploadedsafeassign.docxSOOILWENTINTOFREEFALL

Sourcehttp://www.vox.com/2014/12/16/7401705/oilpricesfallingSooilwentintofreefall


Uploadedsafeassign.docxDURINGTHEMID2000S,OILPRICESWERERISINGSHARPLYBECAUSEGLOBALDEMANDWASSURGINGESPECIALLYINCHINAANDTHERESIMPLYWASN'TENOUGHOILPRODUCTIONTOKEEPUP

Sourcehttp://www.vox.com/2014/12/16/7401705/oilpricesfallingOilpriceswererisingsharplybecauseglobaldemandwassurgingespeciallyinChinaandtheresimplywasn'tenoughoilproductiontokeepup


Uploadedsafeassign.docxTHATLEDTOLARGEPRICESPIKES,ANDOILFLOATEDAROUND$100PERBARRELBETWEEN2011AND2014

Sourcehttp://www.vox.com/2014/12/16/7401705/oilpricesfallingThatledtolargepricespikes,andoilhoveredaround$100perbarrelbetween2011and2014


Uploadedsafeassign.docxINTHEUNITEDSTATES,COMPANIESBEGANUSINGTECHNIQUESLIKEFRACKINGANDHORIZONTALDRILLINGTOEXTRACTOILFROMSHALEFORMATIONSINNORTHDAKOTAANDTEXAS

Sourcehttp://www.vox.com/2014/12/16/7401705/oilpricesfallingIntheUnitedStates,companiesbeganusingtechniqueslikefrackingandhorizontaldrillingtoextractoilfromshaleformationsinNorthDakotaandTexas




Uploadedsafeassign.docxINCANADA,COMPANIESWEREHEATINGALBERTA'SGOOEYOILSANDSWITHSTEAMTOEXTRACTUSABLECRUDE

Sourcehttp://www.vox.com/2014/12/16/7401705/oilpricesfallingInCanada,companieswereheatingAlberta'sgooeyoilsandswithsteamtoextractusablecrude


Uploadedsafeassign.docxTHISLEDTOABOOMIN"UNCONVENTIONAL"

Sourcehttp://www.vox.com/2014/12/16/7401705/oilpricesfallingThisledtoaboomin"unconventional"


Uploadedsafeassign.docxTHEGLOBALCRUDEPRODUCTIONISABOUT75MILLIONBARRELSPERDAY,USALONEHASADDED4MILLIONEXTRABARRELSOFCRUDEOILPERDAYTOTHEGLOBALMARKETSINCE2008

Sourcehttp://www.vox.com/2014/12/16/7401705/oilpricesfallingTheUSalonehasadded4millionextrabarrelsofcrudeoilperdaytotheglobalmarketsince2008


Uploadedsafeassign.docxTHEUSOILBOOMHADSURPRISINGLYLITTLEEFFECTONGLOBALPRICES

Sourcehttp://www.vox.com/2014/12/16/7401705/oilpricesfallingUpuntilveryrecently,however,thatUSoilboomhadsurprisinglylittleeffectonglobalprices


Uploadedsafeassign.docxTHATSBECAUSEATTHESAMETIME,

Sourcehttp://www.vox.com/2014/12/16/7401705/oilprices



GEOPOLITICALCONFLICTSWEREFLARINGUPINKEYOILREGIONS

fallingThat'sbecause,attheexactsametime,geopoliticalconflictswereflaringupinkeyoilregions


Uploadedsafeassign.docxTHEREWASACIVILWARINLIBYA

Sourcehttp://www.vox.com/2014/12/16/7401705/oilpricesfallingTherewasacivilwarinLibya


Uploadedsafeassign.docxTHEUSANDEUSLAPPEDOILSANCTIONSONIRANANDPINCHEDITSOILEXPORTS

Sourcehttp://www.vox.com/2014/12/16/7401705/oilpricesfallingTheUSandEUslappedoilsanctionsonIranandpincheditsoilexports


Uploadedsafeassign.docxTHOSECONFLICTSTOOKMORETHAN3MILLIONBARRELSPERDAYOFFTHEMARKET

Sourcehttp://www.vox.com/2014/12/16/7401705/oilpricesfallingThoseconflictstookmorethan3millionbarrelsperdayoffthemarket


Uploadedsafeassign.docxBYMID2014,HOWEVER,THOSEOUTAGESANDCONFLICTSWERENOLONGERQUITEASIMPORTANT

Sourcehttp://www.vox.com/2014/12/16/7401705/oilpricesfallingBymid2014,however,thoseoutagesandconflictswerenolongerquiteasimportant




Uploadedsafeassign.docxPRODUCTIONINTHEUNITEDSTATESANDCANADAWASSTILLRISINGFASTANDTHEWORLD'SSUPPLYOFOILKEPTGROWING

Sourcehttp://www.vox.com/2014/12/16/7401705/oilpricesfallingProductionintheUnitedStatesandCanadawasstillrisingfastandtheworld'ssupplyofoilkeptgrowing


Uploadedsafeassign.docxOILDEMANDINASIAANDEUROPESUDDENLYBEGANWEAKENING,THANKSTOSLOWDOWNSINCHINAANDGERMANY

Sourcehttp://www.vox.com/2014/12/16/7401705/oilpricesfallingEvenmoresignificantly,oildemandinAsiaandEuropesuddenlybeganweakeningthankstoslowdownsinChinaandGermany


Uploadedsafeassign.docxMOREBROADLY,OILDEMANDHASBEENFLATLININGINLOTSOFPLACESAROUNDTHEWORLD

Sourcehttp://www.vox.com/2014/12/16/7401705/oilpricesfallingMorebroadly,oildemandhasbeenflatlininginlotsofplacesaroundtheworld


Uploadedsafeassign.docxTHEUNITEDSTATES,ONCETHEWORLD'SBIGGESTOILCONSUMER,HASSEENGASOLINECONSUMPTIONSTAGNATEASCARSBECAMEMOREFUELEFFICIENT

Sourcehttp://www.vox.com/2014/12/16/7401705/oilpricesfallingTheUnitedStates,oncetheworld'sbiggestoilconsumer,hasseengasolineconsumptionstagnateascarsbecamemorefuelefficient




Uploadedsafeassign.docxATTHESAMETIME,COUNTRIESLIKEINDONESIAANDIRANHAVEBEENCUTTINGBACKONSUBSIDIESFORFUELUSERS

Sourcehttp://www.vox.com/2014/12/16/7401705/oilpricesfallingAtthesametime,countrieslikeIndonesiaandIranhavebeencuttingbackonsubsidiesforfuelusers


Uploadedsafeassign.docxTHATCOMBINATIONOFWEAKERTHANEXPECTEDDEMANDANDSTEADILYRISINGSUPPLYCAUSEDOILPRICESTOSTARTDROPPINGFROMTHEIRJUNEPEAKOF$115PERBARRELDOWNTOAROUND$80PERBARRELBYMIDNOVEMBER

Sourcehttp://www.vox.com/2014/12/16/7401705/oilpricesfallingThatcombinationofweakerthanexpecteddemandandsteadilyrisingsupplycausedoilpricestostartdroppingfromtheirJunepeakof$115perbarreldowntoaround$80perbarrelbymidNovember


Uploadedsafeassign.docx(SOURCESOFIEA,INTERNATIONALENERGYAGENCY)

Sourcehttp://www.vox.com/2014/12/16/7401705/oilpricesfalling(InternationalEnergyAgency)


Uploadedsafeassign.docxBUTATITSBIGMEETINGLASTNOVEMBER,OPECDIDNOTHING

Sourcehttp://www.observer.org.sz/business/69334whyoilpriceskeepfalling.htmlButatitsbigmeetinginNovember,OPECdidnothing




Uploadedsafeassign.docxASOILPRICESINCREASED,MANYENERGYCOMPANIESFOUNDITPROFITABLETOBEGINEXTRACTINGOILFROMEVERYWHEREEVENITISDIFFICULTTODOSO

Sourcehttp://www.observer.org.sz/business/69334whyoilpriceskeepfalling.htmlButasoilpricesincreased,manyenergycompaniesfounditprofitabletobeginextractingoilfromdifficulttodrillplaces


Uploadedsafeassign.docxNORMALLY,PRODUCERANDCONSUMERWILLADJUSTTHEIRSUPPLYANDCONSUMPTIONRELIESONPRICESTOFUNCTIONASACCURATESIGNALS

Sourcehttp://petronomist.com/oilpriceanalysis2/Producersandconsumersrelyonpricestofunctionasaccuratesignalsastheyadjusttheirsupplyandconsumption


Uploadedsafeassign.docxYET,CRUDEOILISTHEMOSTWIDELYTRADEDCOMMODITYANDFLUCTUATINGCANAFFECTNATIONALECONOMIES

Sourcehttp://petronomist.com/oilpriceanalysis2/Butoilisthemostwidelytradedcommodityandfluctuatingpricesprofoundlyaffectnationaleconomies


Uploadedsafeassign.docxACCORDINGONEOFTHEARTICLES,THEWRITERMENTIONEDABOUTTHEPETRONOMISTSECONOMISTWILLNOTONLYUNDERLYINGTHETHEORYSUPPLYANDDEMANDAFFECTSPRICESBUTALSOMENTIONEDHOWTHEFUTURESCONTRACTCOULDDOMINATETHEPRICEOFCRUDEOIL

Sourcehttp://petronomist.com/oilpriceanalysis2/Inthisarticle,Petronomistseconomistwilladdressnotonlyhowunderlyingtheoryofsupplyanddemandaffectsprices,butalsohowthefuturescontractdominatesthefactorsaffectingprice




Uploadedsafeassign.docxASTUDYOFSUPPLYLAWISTHATCRUDEOILPRICEINCREASEASTHEPRODUCERWILLREACTBYRISETHEPRODUCTIONTOGAINMOREPROFIT

Sourcehttp://petronomist.com/oilpriceanalysis2/Thebasiclawofsupplyisthatasthepriceofoilcommodityrises,oilproducerswillresponsebyincreasingproductiontogainmoreprofit


Uploadedsafeassign.docxOILSUPPLYSHIFT

Sourcehttp://petronomist.com/oilpriceanalysis2/OilSupplyShift


Uploadedsafeassign.docxOVERTHEPASTDECADE,ASIAISTHEREGIONWITHFASTESTDEMANDGROWTHAMONGOTHERREGIONSANDITCONTRIBUTED56%OFTHEGLOBALOILDEMAND

Sourcehttp://petronomist.com/oilpriceanalysis2/Asiaistheregionwiththefastestdemandgrowthandcontributedroughly56%ofthegrowthinglobaloildemandoverthepastdecade


Uploadedsafeassign.docxDUETOTHISREASON,THEPRESIDENTBUSHWASDECIDEDSPREADOUTTHE30MILLIONGALLONFROMTHECOUNTRYSSTRATEGICPETROLEUMRESERVE(SPR)ANDBROUGHTBACKTHEOILANDMAKESURETHEPRICEGOESDOWN

Sourcehttp://petronomist.com/oilpriceanalysis2/PresidentBushdecidedtorelease30milliongallonsfromthecountrysStrategicPetroleumReserve(SPR)andbroughtthepriceofoilbackdown


Uploadedsafeassign.docx Sourcehttp://oilprice.com/Energy/OilPrices/What



DURING2005,AHURRICANEKATRINAWASDAMAGEDTOU.SANDCEASEDTHEOILPRODUCTIONALONGTHESOTHERNGULFCOASTINMEXICO

AffectsOilPrices.htmlIn2005HurricaneKatrinahaltedoilproductionalongtheSouthernGulfCoastoftheUnitedStates


Uploadedsafeassign.docxASDEMANDREMAINEDUNCHANGEDBUTTHESUPPLYWERETREMENDOUSLYCUT,THEREFORETHEOILPRICESRAISEDOVER$70PERBARRELINAPERIODOFTIME

Sourcehttp://oilprice.com/Energy/OilPrices/WhatAffectsOilPrices.htmlAssupplywasprecipitouslycut,anddemandremainedthesame,oilpricesincreasedtoover$70abarrelinashortperiodoftime


Uploadedsafeassign.docxCRUDEOILISPROCESSEDINREFINERIESTOMAKEGASOLINE,DIESEL,HEATINGOIL,JETFUEL,LUBRICANTS,PETROCHEMICALFEEDSTOCKSANDOTHERPETROLEUMPRODUCTS

Sourcehttp://www.eia.gov/finance/markets/spot_prices.cfmCrudeoilisprocessedinrefineriestomakegasoline,diesel,heatingoil,jetfuel,lubricants,petrochemicalfeedstocksandotherpetroleumproducts


Uploadedsafeassign.docxPETROLEUMPRODUCTPRICESTENDTOMOVETOGETHERWITHCRUDEOILPRICES,WITHSOMEVARIATIONDUETOSEASONALITY,FACTORSSPECIFICTOTHEMARKETFORAPARTICULARPRODUCT,ORREFININGOUTAGES

Sourcehttp://www.eia.gov/finance/markets/spot_prices.cfmPetroleumproductpricestendtomovetogetherwithcrudeoilprices,withsomevariationduetoseasonality,factorsspecifictothemarketforaparticularproduct,orrefiningoutages


Uploadedsafeassign.docx Source



SINCEWORLDCRUDEOILMARKETPRICESHITHISTORICHIGHSIN2008,PRICESDECLINEDBYABOUT70%IN2009,THENDOUBLEDBY2011,ANDTHENDECREASEDBYOVER20%DURING2014

http://www.theenergycollective.com/jemillerep/2146151/aredecliningoilpricesincreasingrisksopecusenergysecurityorcleanfuelsSinceWorldcrudeoilmarketpriceshithistorichighsin2008,pricesdeclinedbyabout70%in2009,thendoubledby2011,andthendecreasedbyover20%during2014

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