According to the article, the change in the oil price and quantity can be explained by the economics of demand and supply (Krauss, Sec.3). On the supply side, the supply determinants such as the increasing number of suppliers are causing the shift in the supply curve. For instance, in the United States, the production of oil has almost doubled in the last six years. In addition, other producers such as Algeria, Nigeria, Saudi, Canada, Iraq, and Russia have increased their production (Krauss, Sec.3). Consequently, this has increased the oil supply in the market, and this can be depicted a ...
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