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Evaluating Competing Influences on Global Oil Demand
Consider two simultaneous, independent global developments:
- A revolutionary new material is invented. It is derived entirely from plant-based sources and serves as a cheap, effective substitute for most petroleum-based plastics used in manufacturing consumer goods.
- A sustained period of strong global economic growth leads to a massive expansion in international shipping and commercial air travel.
In an essay, evaluate which of these two developments would likely have a more significant impact on the overall global demand for oil. Justify your conclusion by analyzing the relative importance of the different economic sectors that drive oil consumption.
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Social Science
Empirical Science
Science
Economics
Economy
Introduction to Microeconomics Course
CORE Econ
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