Which statement most accurately explains the upward trend in the market price of oil since around the year 2000?
A) The supply of oil has increased faster than the demand for oil has increased.
B) Both the demand for and the supply of oil has decreased.
C) The demand for oil has increased faster than the supply of oil has increased.
D) The demand for oil has decreased while the supply of oil has increased.

Question

Quizplus · Accepted Answer

Over the past two decades, many countries, particularly China and India, have experienced rapid economic growth, leading to an increase in demand for oil as energy consumption rises. At the same time, production of oil has not kept up with this increasing demand, as many oil reserves become depleted and oil-producing countries face political and economic instability. This has led to a situation where demand for oil has increased faster than the supply, resulting in an upward trend in the market price of oil.

Which Statement Most Accurately Explains the Upward Trend in the Market