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Essay on oil price changes and the impact on the economy

Mar 2, 2022 | Business Finance - Economics | 0 comments

Mar 2, 2022 | Business Finance - Economics | 0 comments

Essay on oil price changes and the impact on the economy

2 page
You will research oil price changes and the impact on the economy. Start your research by retrieving historical data (1980-2016) on oil price and growth rate of real gross domestic product (GDP) from FRED (St. Louis Federal Reserve) https://fred.stlouisfed.org/. 
Use the real GDP percentage change from the preceding period, the seasonally adjusted annual rate (A191RL1Q225SBEA), and the Global Price of West Texas Intermediate (POILWTIUSDQ). https://fred.stlouisfed.org/.

In addition, review articles on topics related to oil prices and the impact on the economy. Analyze the data you retrieve to determine the relationship between oil price and real GDP growth rate. 

Write a minimum (2) two-page paper (not including the title and reference page) APA format, that will include a graph displaying information on oil price and real GDP. You can use Excel or the graphing tool available in FRED to draw your graph. In addition, you will include information concerning the following subjects:

—¾Briefly explain the relationship between oil price and real GDP as displayed in your graph. 
—¾What are demand factors that led to the reduction of oil prices in recent years? 
—¾What are supply factors that led to the reduction? 
—¾What do you predict will happen to oil prices in the future? 

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