As we all see oil prices have a special place in economic folklore. Almost all countries keep an eagle eye on the oil prices in the international market. Why is oil so
important for the countries and their economies to survive ? [Pick up the correct statement(s)]
1. Two nastiest global recessions of the recent decades were preceded by huge and sudden rises in prices of oil, first in 1973 and then in 1979. Leaders are scared of
their repetition.
2. What makes oil so special is that it is a uniquely dense and portable form of energy. It is not easy to switch to alternatives very quickly, hence any disruptions
to supply are damaging for economies.
3. Oil exporting countries are most powerful and violent nations. Countries do not want to invite trouble with them