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Main economic issue Essay

The main economic issue in this paper is production of goods in industries and manufacturing sectors. Production is one of the major economic activities that relates to oil prices. People in any given country are entitled to consume goods and services and this means creation of market demand and supply. Demand by consumers forces industries to supply goods they have manufactured. The production process in industries is promoted with the use of machinery run by oil. Main issue in the article

The main issue raised in the article New York Times, is about oil prices, which have budged in the past months. Prior to a remarkable change in the oil price, there was a chaotic climb of oil price, which reached at $US147 a barrel. Politicians were accused of price gouging in most oil companies. As confidence among consumers began to recover, economic downturn accompanied with increased prices of crude oil emerged. As a result of economic hardships the price of oil has stabilized at $US 70 to $US 83.

Economists and government officials argue that stabilization of oil prices at this range will benefit world economy, environment and security of energy supplies. At this mark, the oil prices are very high

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to a level that promotes future investment and supply of alternative sources of energy. On the other side, consumers are in a position to bear lower prices of oil, which is a self-proclaimed benefit. The trend of oil price change cannot be monitored because of global demand and supply of the precious commodity.

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