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clear and short answers please Why is the price of oil increasing? How does the price elasticity of supply affect this good? What should oil

clear and short answers please

  1. Why is the price of oil increasing?
  2. How does the price elasticity of supply affect this good?
  3. What should oil producers do-stay in the industry or leave the industry?
  4. What is the outlook of the oil industry in the next 5 to 10 years?

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