首页
外语
计算机
考研
公务员
职业资格
财经
工程
司法
医学
专升本
自考
实用职业技能
登录
外语
Could the bad old days of economic decline be about to return? Since OPEC agreed to supply-cuts in March, the price of crude oil
Could the bad old days of economic decline be about to return? Since OPEC agreed to supply-cuts in March, the price of crude oil
admin
2010-06-30
65
问题
Could the bad old days of economic decline be about to return? Since OPEC agreed to supply-cuts in March, the price of crude oil has jumped to almost $26 a barrel, up from less than $10 last December. This near-tripling of oil prices calls up scary memories of the 1973 oil shocks resulted in double-digit inflation and global economic decline. So where are the headlines warning of gloom and doom this time?
The oil price was given another push up this week when Iraq suspended oil exports. Strengthening economic growth, at the same time as winter grips the northern hemisphere, could push the price higher still in the short term.
Yet there are good reasons to expect the economic consequences now to be less severe than in the 1970s. In most countries the cost of crude oil now accounts for a smaller share of the price of petrol than it did in the 1970s. In Europe, taxes account for up to four-fifths of the retail price, so even quite big changes in the price of crude have a more muted effect on pump prices than in the past.
Rich economics are also less dependent on oil than they were, and so less sensitive to swings in the oil price. Energy conservation, a shift to other fuels and a decline in the importance of heavy, energy-intensive industries have reduces oil consumption. Software, consultancy and mobile telephones use far less oil than steel or car production. For each dollar of GDP (in constant prices) rich economics now use nearly 50% less oil than in 1973. The OECD estimates in its latest Economic Outlook that, if oil prices averaged $22 a barrel for a full year, compared with $13 in 1998, this would increase the oil import bill in rich economies by only 0.25—0.5% of GDP. That is less than one-quarter of the income loss in 1974 or 1980. On the other hand, oil-importing emerging economies—to which heavy industry has shifted—have become more energy intensive, and so could be more seriously squeezed.
One more reason not to lose sleep over the rise in oil prices is that, unlike the rises in the 1970s, it has not occurred against the background of general commodity-price inflation and global excess demand. A sizable portion of the world is only just emerging from economic decline. The Economist’s commodity price index is broadly unchanging from a year ago. In 1973 commodity prices jumped by 70%, and in 1979 by almost 30%.
The main reason for the latest rise of oil price is ______.
选项
A、global inflation
B、reduction in supply
C、fast growth in economy
D、Iraq’s suspension of exports
答案
B
解析
细节题。由一段第二句可知:世界原油价格的上涨是因为OPEC决定减少供应。
转载请注明原文地址:https://www.kaotiyun.com/show/5uJd777K
本试题收录于:
公共英语四级笔试题库公共英语(PETS)分类
0
公共英语四级笔试
公共英语(PETS)
相关试题推荐
In1959theaverageAmericanfamilypaid$989forayear’ssupplyoffood.In1972thefamilypaid$1,311.Thatwasapricei
Themanbehindthisnotion,JackMaple,isadandywhoaffectsdarkglasses,homburgs(翘边帽)andtwo-toeshoes;yethehasbecomes
Themanbehindthisnotion,JackMaple,isadandywhoaffectsdarkglasses,homburgs(翘边帽)andtwo-toeshoes;yethehasbecomeso
Whenaconsumerfindsthathispurchasehasafaultinit,whatisthefirstthingheshoulddo?
Atthedawnofthe20thcentury,suburbiawasadreaminspiredbyrevulsiontothepovertyandcrowdingofthecities.Inthevi
Ontheheelsofitsrecentdecisiontocriminalizeconsumerswhoripsongsfromalbumstheyhavepurchasedtotheircomputers(or
ThetramsthatglidethroughCroydonbydayareevocativeofcontinentalEurope.Theloudandsometimesviolentdrunkennessamon
Onlythreestrategiesareavailableforcontrollingcancer:prevention,screeningandtreatment.Lungcancercausesmoredeaths
Onlythreestrategiesareavailableforcontrollingcancer:prevention,screeningandtreatment.Lungcancercausesmoredeaths
随机试题
文化语言学
预防创伤性气性坏疽的关键是
酶催化高效的原因是
呼吸衰竭患者缺氧的典型表现是
"五脏六腑皆令人咳,非独肺也。"的记载出自()
张某、王某、李某、赵某4人共同开办甲房地产经纪机构(以下简称甲机构),张某、王某是房地产经纪人,李某、赵某是房地产经纪人协理。房主邢某委托甲机构代理出租自己拥有的一套商业用房,并与甲机构签订了房地产经纪合同。邢某与甲机构在进行业务洽谈时,应事先确定的事
甲公司20×7年的有关交易或事项如下:(1)20×7年12月1日,甲公司将某项账面余额为1000万元的应收账款(已计提坏账准备200万元)转让给丁投资银行,转让价格为当日公允价值750万元;同时与丁投资银行签订了应收账款的回购协议。同日,丁投资银行按协议
如果两个复本的施测相隔一段时间,则计算出的信度称()。
TheCentralProblemofEconomicsThecentralproblemofeconomicsistosatisfythepeople’sandnation’swants.Theproblemwe
【11】【18】
最新回复
(
0
)