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According to the article “Ending America’s Oil Addiction,” the surge in crude oil prices can be reduced in large part to the simple concepts of supply and demand. (Cooper, 2008)
This paper will define terms such as economics, micro economics, the law of supply, the law of demand and the factors which lead to a change in supply and demand. This paper will also summarize the article and explain the basis for the trends in consumption patterns as discussed in the article and describe what occurred to change the demand for crude oil, or the supply of crude oil and market prices of such crude oil...
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