Could the bad old days of economic decline be about to return? Since
OPEC agreed to supply-cuts in March, the price of crude oil has
jumped to almost $26 a barrel, up from less than $10 last D ...
Could the bad old days of economic decline be about to return? Since
OPEC agreed to supply-cuts in March, the price of crude oil has
jumped to almost $26 a barrel, up from less than $10 last December.
This near-tripling of oil prices calls up scary memories of the 1973
oil shock, when prices quadrupled, and 1979-1980, when they also
almost tripled. Both previous shocks resulted in double-digit
老毛桃怎么用inflation and global economic decline. So where are the headlines
warning of gloom and doom this time?
The oil price was given another push up this week when Iraq
suspended oil exports. Strengthening economic growth, at the same
time as winter grips the northern hemisphere, could push the price
白毫银针冲泡方法higher still in the short term。
Yet there are good reasons to expect the economic conquences now
to be less vere than in the 1970s. In most countries the cost of
crude oil now accounts for a smaller share of the price of petrol
than it did in the 1970s. In Europe, taxes account for up to four-
fifths of the retail price, so even quite big changes in the price of
crude have a more muted effect on pump prices than in the past。
Rich economies are also less dependent on oil than they were, and
so less nsitive to swings in the oil price. Energy conrvation, a
shift to other fuels and a decline in the importance of heavy,
energy-intensive industries have reduced oil consumption. Software,
consultancy and mobile telephones u far less oil than steel or car
production. For each dollar of GDP (inconstant prices) rich economies
now u nearly 50% less oil than in 1973. The OECD estimates in its
latest Economic Outlook that, if oil prices averaged $22 a barrel for
a full year, compared with $13 in 1998, this would increa the oil
import bill in rich economies by only 0.25-0.5% of GDP. That is less
than one-quarter of the income loss in 1974 or 1980. On the other
hand, oil-importing emerging economies—to which heavy industry has
shifted—have become more energy-intensive, and so could be more
riously squeezed。
One more reason not to lo sleep over the ri in oil prices is 大而化之的意思
that, unlike the ris in the 1970s, it has not occurred against the
background of general commodity-price inflation and global excess
demand. A sizable portion of the world is only just emerging from
economic decline. The Economist's commodity price index is broadly unchanging from a year ago. In 1973 commodity prices jumped by 70%
and in 1979 by almost 30%。
31. The main reason for the latest ri of oil price is
[A]global inflation. [B]reduction in supply。
[C]fast growth in economy. [D]Iraq's suspension of exports。
32. It can be inferred from the text that the retail price of
petrol will go up dramatically if
[A]price of crude ris. [B]commodity prices ri。
[C]consumption ris. [D]oil taxes ri。
33. The estimates in Economic Outlook show that in rich countries
师德培训总结
[A]heavy industry becomes more energy-intensive。
[B]income loss mainly results from fluctuating crude oil prices。
灰姑娘城堡 [C]manufacturing industry has been riously squeezed。
[D]oil price changes have no significant impact on GDP。
34. We can draw a conclusion from the text that
tag
[A]oil-price shocks are less shocking now。
[B]inflation ems irrelevant to oil-price shocks。
[C]energy conrvation can keep down the oil prices。
[D]the price ri of crude leads to the shrinking of heavy
industry。
35. From the text we can e that the writer ems
[A]optimistic. [B]nsitive. [C]gloomy.
[D]scared。
名师解析
31. The main reason for the latest ri of oil price is 最近的油价如何培养情商
实战篮球鞋上涨的主要原因是 [A]global inflation. 全球通货膨胀。
[B]reduction in supply。供应量减少。
[C]fast growth in economy. 快速的经济增长。
[D]Iraq's suspension of exports. 伊拉克暂时停止石油出口。
【答案】 B
【考点】 事实细节题。
【分析】 根据题干可以定位到第一段的第二句话“Since OPEC agreed to
supply-cuts in March, the price of crude oil has jumped to almost $26
