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.
Between 2001 and 2008, developing countries, particularly China and India, experienced rapid economic growth, which led to an increase in energy consumption and a higher demand for oil. This surge in demand outpaced supply, contributing to the steady increase in oil prices during that period. If you have more questions or want to explore this topic further, feel free to ask!