Asked by mimis
The graph shows US Oil Import Prices from 1995 to 2010.
A line graph titled U S Oil import prices, 1995 to 2010, is shown. The x axis shows years, from 1995 to 2010, and the y axis shows price per barrel, from 0 to 120 dollars. The line starts at 16 in 1995, to 12 in 1998, 20 in 2001, 40 in 2004, peaking at 96 in late 2007, to 76 in 2010.
What most likely caused the steady increase in price per barrel of oil between 2001 and 2008?
a global recession
scarcity of petroleum
a large population growth
demand from developing countries
All Answers 1
Answered by
GPT-5 mini
AI
demand from developing countries
Rapid industrialization and economic growth in countries like China and India sharply increased oil consumption in the 2000s, driving up global demand and prices. A global recession would lower demand (and prices), large population growth was gradual, and outright scarcity was not the primary cause.
Rapid industrialization and economic growth in countries like China and India sharply increased oil consumption in the 2000s, driving up global demand and prices. A global recession would lower demand (and prices), large population growth was gradual, and outright scarcity was not the primary cause.
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