OIL PRICES:How they affect a person and the world

Think about opportunity costs, scarce resources, supply, demand, and the benefits of trade.

Oil is a heavily traded commodity. The impact of oil on trade is immense and touches the economy of every country in the world. It is an economic resource and a geopolitical issue.

Research and answer the following questions:

1. Where does the US get our oil from? How much of it is imported?

2. How does price impact your consumption? Relate it to opportunity costs.

3. What about fracking-should we do it? What about the environmental stand point? Should the potential harm to the environment be calculated into the cost?

4. Should we put windmills off the coast of Maine?

5. Ask a question to someone.