Political, Social, Economic Impacts of Oil​

olitical,Social,Economic Impacts of Oil​

Explanation:

Political, Social, Economic Impacts of Oil​.

Explanation:

The Social Impacts Oil Spills Have at a Community Level. Originally published on March 19, 2019. Oil spills can damage the environment and the wildlife and marine life that depend on it. They can also cause physical, mental, and financial stress to people as individuals.

Economic impacts of oil. Oil price increases are generally thought to increase inflation and reduce economic growth. In terms of inflation, oil prices directly affect the prices of goods made with petroleum products. As mentioned above, oil prices indirectly affect costs such as transportation, manufacturing, and heating.

Political impacts. Any of the most prosperous countries also tend to be those countries who have made “arrangements” to consistently receive large supplies of life giving oil, at reasonably low oil prices, for an extended period of time. These entities that “HAVE” quite naturally don’t want to go without and will often be willing to use whatever political might they find necessary to protect their position of prominence.  BUT higher oil prices have also served to bring greater political stability and prosperity to several regions around the planet. Some of these locations, including Mexico, Columbia, Venezuela, China, India, several of the Persian Gulf States, Russia, as well as many former Soviet Central Asian Republics and portions of the continent of Africa, particularly Nigeria are just getting their first tastes of “the good life” and are quickly developing a strong liking to the flavor.

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