Oceania are the islands throughout the Pacific Ocean.
The three regions that comprise Oceania are: Micronesia, Melanesia and Polynesia. All these are island regions.
Micronesia is a group of <span>small islands in the western </span>Pacific Ocean.
Melanesia is the group of islands<span> from </span>New Guinea island<span> in the southwestern </span>Pacific Ocean<span> to the </span>Arafura Sea.
Polynesia is a group of islands<span> scattered over the central and southern </span>Pacific Ocean<span>.</span>
Answer:
The most striking feature of the oil market is the low price elasticity of demand.
The supply of oil is also fairly inelastic.
Oil price swings tend to be dramatic and often impact the rest of the economy.
