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What Was the Primary Cause of the Decline in Oil

question 7

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What was the primary cause of the decline in oil prices in 2016 to only 1/4 of the prices in 2008?


Definitions:

Tax Revenue

The income that is collected by governments through taxation, which supports public spending and services.

Government

The organization, or system by which a community or nation is governed, responsible for creating and enforcing laws.

Consumer Surplus

The offset between what customers are willing and able to pay for a service or product and what they actually expend.

Consumer Surplus

The distinction between the ideal spending amount of consumers on a good or service and their actual expenditure.

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