Title: The oil market | Oil prices | Economics Online | Economics Online
Headings: 
The oil market
Current oil price
The demand for oil
World’s major oil consumers
Major oil producers
US strategic oil reserves
Recent petrol prices
The effects of the global downturn
Oil prices and petrol pump prices
Energy production
Business Economics
Explaining The K-Shaped Economic Recovery from Covid-19
Does Public Choice Theory Affect Economic Output?
Largest Retail Bankruptcies Caused By 2020 Pandemic
Identifying Speculative Bubbles and Its Effect on Markets
Explaining The Disconnect Between The Economy and The Stock Market
Consumer Confidence Compared to Q2 Job Growth
Global Affairs
Alternatives to GDP in Measuring Countries
Multiplier Effect

Content: Rising fuel prices were largely responsible for upward pressure on the inflation rate in the second half of 2016. By the second quarter of 2018 pump prices had risen to just under 125p per litre, reflecting higher global oil prices. The strength of oil prices followed falling Venezuelan production, combined with strong global demand, and concerns over the impact of U.S. sanctions on Iran *. * According to CNN reports. Rising petrol prices reflect increases in crude oil prices. The main factors contributing to the general rise in crude oil prices over recent years are: Rising world demand, especially from China
Cost shocks, such as the War in Iraq and hurricane Katrina (2005)
The effects of the global downturn
However, during 2008 the price of a barrel of oil fell back from its record high. This was the result of the downturn in world demand for oil, especially from China, as the global recession began to spread. Oil prices and petrol pump prices
An increase or decrease in crude oil prices may not affect prices at the petrol pumps. There are a few reasons for this: