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Steady Oil Price Hike

The article about the rising oil price indicates two main economic concepts: first, “the rule of supply and demand”, and second, that” human wants is insatiable. ” Oil is a natural resource and it is created by nature through thousands of years. Time is a very important element in the production of oil. Despite the fact that oil wells and rigs are discovered and/or pumped, still, the natural element of this product is very important. Going back to the relevant economic factors about rising oil prices, there is an unlimited demand for oil while its supply is getting scarcer. Aside from this fact, millions, if not billions, of dollars of investments are needed to have the black gold extracted, refined,…