Shifts in the supply of and the demand for oil were the causes of the increased gasoline prices in the 2000s.

Question

Quizplus · Accepted Answer

Increases in demand from emerging markets like China and India, as well as geopolitical events that disrupted supply (such as the Iraq War and tensions with Iran), led to shifts in both the supply of and the demand for oil, which in turn caused the increased gasoline prices during the 2000s.

Shifts in the Supply of and the Demand for Oil