Question

The MOST LIKELY impact of the September 11 terrorist attacks on the price of oil was A) a sharp decrease due to the oil embargo of OPEC. B) a gradual increase in price, then a sharp drop to 1990s levels. C) a sharp initial rise in price, then gradual lowering of prices to pre-attack levels. D) a sharp initial drop in price, immediately followed by a price increase to pre-attack levels.

Answer 1

Answer:

C) a sharp initial rise in price, then gradual lowering of prices to pre-attack levels.

Explanation:

Actually the price of oil increased a lot after September 11 attacks, and they gradually decreased to almost pre-level attacks by 2003. Currently, almost 20 years later oil prices sharply decreased by the quarantine carried out in most of the world. Since people aren't allowed to leave their houses, the demand for gas and other products has dropped.

Before the September 11 attacks, the price of oil was $22 per barrel, five years later it was around $60 and one decade later it was $95. Currently it is around $18-$19, but this decrease will hopefully be temporary.