Petroleum shortages have resulted in all of the following EXCEPT:
A) the creation of huge amounts of wealth for oil-producing countries such as Norway and Saudi Arabia
B) the inability of oil-producing nations to service foreign debts when prices go up
C) the ability of some countries such as Mexico and Venezuela to borrow heavily against oil reserves to develop more rapidly
D) inflation in oil-dependent nations and transfer of wealth to oil-producing nations
E) recognition by the United States and other industrialized countries of their heavy dependence on petroleum

Question

Quizplus · Accepted Answer

Petroleum shortages typically increase oil prices, which generally benefits oil-producing nations by increasing their revenues, thus enabling them to service foreign debts more easily, not less.

Petroleum Shortages Have Resulted in All of the Following EXCEPT