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, the global economy saw significant growth, particularly in developing countries like China and India. This increased demand for energy, particularly oil, put upward pressure on prices. While other factors such as scarcity and geopolitical tensions also influenced prices, the surge in demand from these rapidly industrializing nations was a primary driver of the price increase during that period.
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