Soaring fuel price
In the current society, the oil price rises fast. However, people’s income is still not promoted. Some people are pressured to buy a car. So some people are reluctant to take a taxi. International oil price rise too fast, but the oil price is not approached world level. Now, many people are getting on the bus to save money. Some skeptics claim prices are being driven not by the fundamentals of supply and demand, but by a blend of jotters and a flood of speculative cash.
Economic activity responds asymmetrically to oil price fluctuations. That is rising oil price seems to retard economic activity more than falling oil price stimulate it. International oil price rise of our economic performance is affected two aspects which are directly and indirectly.
A direct impact performed the increase of expenditure and not exports decreased. And then lower GDP growth rate and boost prices. Indirectly affect mainly the export product line with the potential danger of falling. One is for the fuel oil and raw materials of products and production costs to products competitive up by falling exports are facing the danger. Second, the export of these destinations for a rise in oil price depresses balance of payments difficulties, which reduces their capacity to import. The Washington Post reported oil price surge was a bubble. The Washington Post said, in the past ten weeks, oil price have risen by 25 dollars barrel. Ago, after the middle east broke out the war, the oil prices raised. Oil price rise brought about a recession in world trade.
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