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Oil prices around the world have dropped by more than70%in the year2016compared to2014. Answer the question elaborately using below . Using a simple demand and

Oil prices around the world have dropped by more than70%in the year2016compared to2014.

Answer the question elaborately using below .

Using a simple demand and supply diagram, illustrate the reason for this drop in oil prices.

Explain who benefits from the reduction in oil price.

In your opinion, what do you think could be done to stabilize oil prices?

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