Abstract
This paper focuses on how crude oil prices affect the world economy. It discusses crude oil and its everyday usage and necessity in today‘s world. This paper also discusses the historical supply and demand of oil and gives the numbers for the world proven reserves. Furthermore, it explains the history of crude oil prices, maps factors that influenced price and highlights impacts on the world economy. It characterizes the main factors influencing the impact of crude oil price changes to a country’s economy in OECD countries. It contains detailed information about each country of OECD and calculates the results of the main macroeconomic figures and influencing factors. It analyzes and compares country’s differences and point out the danger of dependency on imported sources of oil. Crude oil price is influencing of our everyday life and understanding the problem can improve our awareness of energy sources and perhaps prevent another oil crisis. ThepaperwasprocessedwithintheframeworkoftheResearch Project of MSM 6046070906 Theeconomicsof Czech agriculturalresources and theireffective use withintheframeworkofmultifunctionalagri-food systems.
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