Price of oil in international markets has dropped stunningly 60% in the past twelve months.
Among the factors mentioned behind this drastic fall is the millions of barrels of oil
produced in the US called shale oil.” and analyze:
● The market structure for oil industry
● The supply and demand for oil in that market structure
● The pricing of oil at the presence of OPEC and the role of Speculators
● Why shale oil is a substitute for oil and explain the news in regard to the Cross
elasticity of demand.
● a total of six (6) peer-reviewed sources.
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