Student Name : Sudhagar Validan
Student No : 33505
Module Code : PM 101
Module Title : Business Economic
Words :1521
Petrol prices are playing a very important role in development of the country’s economy. As the petrol prices are set to rocket, it plays as a decider on the growth of economies; for the importing or exporting nation. Some economists believe that any change in petrol prices will result in major changes within countries. Let see what happens when the petrol prices started to increase. According to the report from (L. Williams, 2011). When petrol prices started to increase in the late 1970s, this in turn resulted in inflation rising throughout the whole world and it badly affected the world’s economy. For the well developed countries such as US and China, it brought tremendous impacts because of the consumption of large amounts of fuel on a daily basis.
Therefore, this report will discuss how the rising petrol prices affected the US economy as an importing nation as well as the positive impact on its citizens. …show more content…
This price is been the lowest since 2009 in US. According to (Williams, 2015) Price controlled was imposed on domestic production from late 1973 to January 1981. It had brought on an excess of issues for US government and to the economy. For instance ,such changes in cost of petrol had straightforwardly influenced transportation costs and any item made with petroleum or petrol items .It too leads to lesser investments .The necessities such as heating are effected badly with the rise of prices (Higher utility bills for consumers) .This effected massive changes in restructuring the Capital and Labour
Student No : 33505
Module Code : PM 101
Module Title : Business Economic
Words :1521
Petrol prices are playing a very important role in development of the country’s economy. As the petrol prices are set to rocket, it plays as a decider on the growth of economies; for the importing or exporting nation. Some economists believe that any change in petrol prices will result in major changes within countries. Let see what happens when the petrol prices started to increase. According to the report from (L. Williams, 2011). When petrol prices started to increase in the late 1970s, this in turn resulted in inflation rising throughout the whole world and it badly affected the world’s economy. For the well developed countries such as US and China, it brought tremendous impacts because of the consumption of large amounts of fuel on a daily basis.
Therefore, this report will discuss how the rising petrol prices affected the US economy as an importing nation as well as the positive impact on its citizens. …show more content…
This price is been the lowest since 2009 in US. According to (Williams, 2015) Price controlled was imposed on domestic production from late 1973 to January 1981. It had brought on an excess of issues for US government and to the economy. For instance ,such changes in cost of petrol had straightforwardly influenced transportation costs and any item made with petroleum or petrol items .It too leads to lesser investments .The necessities such as heating are effected badly with the rise of prices (Higher utility bills for consumers) .This effected massive changes in restructuring the Capital and Labour