Changes in the Price of Oil in Relation to its Effects on the World’s Economy

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It is a fact that oil, apart from the meaning of fuel or energy, has also the meaning of power, especially for the countries that produce it or have control over its production, and the rise or fall of its price creates economic disturbances and worries all over the world. Inflation, interest rates, exchange rates, are some of the factors that depend on the price of oil and are more addicted to its changes. So, …

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…previous oil crises that development of energy saving technology; taxation and new fuel-efficient cars or maybe new oil fields may decrease consumption of oil and make oil more elastic so as to lead its prices down. The four macroeconomic objectives are interconnected and when achieving for example economic growth and low unemployment by boosting consumer expenditure, it is possible to cause higher inflation rates and so on. Money flows into the circular flow of income.