Oil is falling
147 Dollars a hundred and ten Dollars
[$60]
$45 once upon a time oil was sold in America for as cheap as one cent per liter
50 years ago these countries produced most of the [oil]
Venezuela
Saudi Arabia, Iran Iraq and Kuwait
They sold their oil at whatever price they got
My price is $10 a barrel but other countries are selling their oil for $9
Here take mine for $8 one barrel equals
159 liters of Petrol soon the whole World wanted more and more of their oil
We have to charge higher prices for a royal, but how
in
1960 these five countries formed a group
Our group will now be known as the oil producing and exporting countries
OPEC for short and together we'll sell our oil at only one price
Eight more countries joined them and the price of oil suddenly shot up
other countries like uk and Russia also found lots of oil
We're not part of opec and [we'll] decide our own price
The world was soon flooded with more oil from more than 15 nations keeping price
Low at about $40 a barrel
buy my oil
No buy from me
But that was [about] to change
15 Years back when the us China and Europe were growing they needed lots of oil
This made the price rise
When the price [of] oil increases the cost of transporting goods from the factories to shops rises
by Road
by sea by Air
from end
2003 the price of Oil Began jumping up
as
India is the fourth largest buyer of oil in the world prices of foods and [vegetables] began to rise
The Usa also makes oil, but use more than they produce so they too faced rising prices
Rupees 70 per [litre]
But countries that were selling the oil. [oh] boy they were having fun
Building Malls
Fancy Buildings giving almost free petrol to its citizens
As it so often happens no party lasts forever
2011 in the [u.s.]
We have discovered a new way of removing oil from under the Earth's crust. It's called fracking and
while it costs over [$100] to buy oil
we can now make it at
$60
China and Europe that only [10] years back required large amounts of oil
Business is not good so we don't need as much oil as before
With these two blows at the same time the price of oil began to drop
The biggest oil Buyer Usa was now going to become an oil seller
By 2020 we'll make more oil than we need
today these three [countries] make the most oil
11 Million Barrels, USa 10 Million Russia
[9] million Saudi, Arabia
Now it was the turn [of] [oil-producing]
Countries to feel the heat their citizens were used to cheap petrol and low prices
So when the price was raised they were angry
We want cheap petrol we want cheap petrol
Countries like India were very happy with lower oil prices and have saved crores and crores of Rupees
for the first time one [litre] of [a] fuel cost less than one litre of petrol and
[how] I can travel without worrying about the cost
Prices from other sources of Energy are falling solar energy
wind energy
Making sure oil prices cannot rise very fast
The price of oil keeps rising and falling, but it seems that oil will remain cheaper than it was before
