Can,High,Oil,Prices,Derail,Gro business, insurance Can High Oil Prices Derail Growth of an Economy?
Date:2021-01-10 Can,High,Oil,Prices,Derail,Gro business
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As we all know to live in this world we have to perform some activity by which we can earn money. There are many activities by which we can earn money and meet the standards to live in this society. And from one of them is franchise. Franc
Crude price are controlled by international demand and supply mechanism and is bound to fluctuate. While preparing budgets for a country often normal variance of oil fluctuation is considered and if prices are held between this variance it does not affect the planned growth prospects of the economy.In fact there can be events happening around the world which can bear direct influence on the crude prices and they can go for an unprecedented rise or fall. Current political crises in Middle East had lead to a sudden increase is oil prices. Not only prices are high and expected to go even higher there are growing concerns on even receiving safe deliveries of the commodity as it has to be shipped through this troubled region. In case there is sudden unexpected price rise government has no option but to increase the retail oil prices in their respective countries. As a result in higher prices cost of most of the products is increased in that country because these products are transported by automobiles which run on fuel oils. Oil is also required to run some of the major industries and to transport their raw materials hence there is also an increase in cost of production in general across the nation. This again leads to increment in sale price of finished products.Consumer remains at the receiving end of this price rise spiral. Soon there is unprecedented increase in inflation levels of an economy adversely effecting disposal income and saving levels of individuals and nation as a whole. If oil prices stay on these high levels for long it is bound to hamper the growth of an oil importing economy. Government of these countries may try to divert funds from other resources to cover up for this price raise leaving other important sector to suffer more because of lack of fund allocations. Weaker economies are bound to get effected by this is short time periods while other stronger economies can defer this adversity for little longer time periods. All in all, prolonged high oil prise is bound to derail growth process of any oil importing economy. Article Tags: Derail Growth
Can,High,Oil,Prices,Derail,Gro
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