What most likely caused the steady increase in the price per barrel of oil between 2001 and 2008? A. A global recession
B. Scarcity of petroleum
C. A large population growth
D. Demand from developing countries
What most likely caused the steady increase in the price per barrel of oil between 2001 and 2008?
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The correct answer is D. Demand from developing countries.
From 2001 to 2008, there was significant economic growth in countries such as China and India, leading to increased energy consumption and a rising demand for oil. This demand outpaced supply, contributing to the steady increase in oil prices during that period. While factors like scarcity and population growth also played roles, the surge in demand from developing nations was a crucial driver of the price increase.
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