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The Economic Impact of Rising Oil Prices in Automotive Industry. The Economic
Impact of Rising Oil Prices in Automotive Industry ...
The Economic Impact of Rising Oil Prices. Table ... The impact of rising oil
prices creates economic, as well as social problems. High ...
... Understanding the impact of oil prices involves examining the economic effects that
occur directly following rising oil prices and placing those effects in ...
... The strong economic growth since 2001 has had little impact on the unemployment
rate. ... With the rising oil prices, outlook is gloomy for 2005. ...
... A second reason for the rising oil price is that supplies are ... with that argument
is the opinion that oil is cheap and will not impact economic growth. ...
Submitted by mutschget on October 1, 2006
Category: Business
Words: 4530 | Pages: 19
Views: 782
Popularity Rank: 8,633
Average Member Grade: N/A (Add a Comment / Grade this Paper)
Table of Contents
1 Introduction 4
2 Historical Overview of Oil prices 5
3 Dependence on Oil and Impacts of High Oil prices 7
Determining the Dependence of a Country 8
Dependence on oil-imports 8
Substitution 10
Costs Compared to Income Level 10
Impacts of High Oil prices on the Economy 10
Decline in Aggregate Demand 11
Production Costs 11
Inflation and Unemployment 12
Investment 12
4 How to Minimise the Negative Effects of High Oil prices 13
Monetary Policy 14
Implementing Monetary Policy 15
How Federal Banks Use Their Tools 16
Government Incentives and Environmental Policies 18
Course of Action Diagram 20
5 Conclusion 22
6 Bibliography 23
Table of Figures
Figure 1 – Oil Price Development 5
Figure 2 – Comparative Analysis of Oil Dependency in 2004 8
Figure 3 – Instruments, Targets and Objectives of Federal Banks 16
Figure 4 – Policy Responses to a Rise in Oil Price 18
1 Introduction
The rising price of oil is a burning theme nowadays that societies have to deal with. The impact of rising oil prices creates economic, as well as social problems. High oil prices can lead to substantial output reductions, decreasing nominal wages, increasing competitiveness in oil dependable businesses and unemployment. Getting a precise assessment of how much a country is affected and what counter measures can be implemented is of interest for both governments and individuals.
Making predictions into the future is not what this paper is about. It also does not analyse in depth specific factors influencing the oil price. The strength of this paper, however, is that it tries to generalise - on a non-mathematical approach - how economies are influenced by different factors and which appropriate and corresponding counter measures can be taken.
In the first part...
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