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
考研
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
2012-05-19
45
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 economies 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 reduced 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 economies 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%.
It can be inferred from the text that the retail price of petrol will go up dramatically if______.
选项
A、price of crude rises
B、commodity prices rise
C、consumption rises
D、oil taxes rise
答案
D
解析
转载请注明原文地址:https://jikaoti.com/ti/Ht0RFFFM
0
考研英语一
相关试题推荐
Highoilpriceshavenotyetproducedaneconomicshockamongconsumingcountries,butfurtherrises,especiallysharp(1)_____,
Highoilpriceshavenotyetproducedaneconomicshockamongconsumingcountries,butfurtherrises,especiallysharp(1)_____,
Inafamilywheretherolesofmenandwomenarenotsharplyseparatedandwheremanyhouseholdtasksaresharedtoagreateror
Eachscientificspecialtyhasitsownsetofjournals.PhysicistshavePhysicalReviewLetters,cellbiologistshaveCell,neuro
Title:PeopleShouldbeRewardedAccordingtoAbility,ortoAgeandExperienceYourcompositionshouldbebasedontheoutline
Ofalltheareasoflearningthemostimportantisthedevelopmentofattitudes,emotionalreactionsaswellaslogicalthought
ThepurposeoftheauthorinwritingthetextistoThereluctanceofFrancetoaccepttheglobalwarisduetothefactthat
Title:GlobalShortageofFreshWaterYourcompositionshouldbebasedontheOutlinegiveninChinesebelow:1.人们认为淡水是取这不尽
随机试题
下列哪些情形下权利人可以行使留置权?
在Word2010编辑中,可使用选项卡______________中的“页眉和页脚”命令,建立页眉和页脚。
横纹肌肉瘤可采取的治疗方法有
下述哪项不是羊水栓塞的抢救措施
3个月婴儿,出生体重2.8kg,母乳喂养,未加辅食,食欲好。大便次数每日6~8次,为黄色软便无特殊臭味,经治无好转,现在体重5.5kg,体格检查无异常所见,哪一种情况最可能
天津市南开区个体户刘某到石家庄市保福区进货,途经保定,被保定市刑北区公安分局行政拘留10日并将货物扣押,刘某不服,向位于刑南区的保定市公安局提出行政复议,经审查,复议决定维持原具体行政行为,刘某欲提起行政诉讼,则下列说法正确的是哪些选项?
根据增值税法律制度的规定,下列行为中,外购货物进项税额准予从销项税额中抵扣的有()。
中国画历史悠久,名家辈出,有许多传世佳作。下列关于国画的表述正确的是()。
Scarcely______suchanexcitingfootballmatch.
某计算机通过以太局域网接入因特网,该计算机不必(60)就可以访问Web站点。
最新回复
(
0
)