Crude oil prices are determined by global supply and demand. Economic growth is one of the biggest factors affecting petroleum product, and, therefore, crude oil demand. According to the U.S. Energy Information Administration, growing economies increase demand for energy in general and especially for transporting goods and materials from producers to consumers.

The global price of oil per barrel is quoted daily in U.S. Dollars.

• What is the latest price of oil?
• How has the price changed from a year ago?
• Looking at what you have learned in this unit, how do you think supply and/or demand have shifted to bring about the change in oil price from a year ago?

Discuss at least three ways demand, supply, or both could have impacted price.