Impact of Oil Assignment Example | Topics and Well Written Essays - 250 words

Impact of Oil - Assignment role modelMoreover, during the same period there was increased demand for oil in numerous nations including China and India cod to their increased industrialization (United States, Maloney, and Schumer, 2007). The subsequent instabilities in oil toil and increase, in oil price per drum of the 2000, s had no destructive effect on the United States Economy. Therefore, it is apparent that the current effects or instabilities on the oil prices have little effects on the United States economy, as it was the case in the 1970s and eighties.The main reason towards these changed effects is that there has been a reduction on energy (oil and gas) washed-out in producing each dollar in the United States output. Additionally, there has been a shift in production techniques, that is, the current technologies only require a small amount of energy for production compared to the 1970s and 1980s technologies (United States, 1991). Economic experts estimate the current U nited States economy to be slight than 33 percent unfree or sensitive to oil price fluctuation unlike over 55 percent less sensitivity in early 1980s and even more in the mid-1970s. (United States, Maloney, and Schumer, 2007) Finally, the Federal Government has since essential vigilant and adept monetary policies of handling inflationary