Rise in Global Oil’s Prices: Socio-Economic Causes and Implications

Oil i.e. "Black Gold" is rapidly becoming the central focus, as all the industrialized players on the geopolitical chessboard decide how to position themselves to preserve, and enhance, their power and recent continued rise in global prices of oil is creating multidimensional short and long terms socio-economic problems. Without a doubt, black gold is still the very lifeblood of our modern industrialized world. Without black gold, readily available in tremendous amounts, everything, even in a massive economy like that of the US, would quickly screech to a halt. Average prices for last week stood at $47.02 a barrel in the United States, $44.44 a barrel for North Sea Brent and $41.64 a barrel for the OPEC basket a more than 4% overall rise on the previous week. Crude futures for October were trading at $46.87 a barrel in the last week.

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