This discussion will expand our conversation by including concepts that we have learned from chapters 1-5. Think about opportunity costs, scarce resources, supply, demand, and the benefits of trade when you post. Oil is a heavily traded commodity. The impact of oil on trade is immense and touches the economy of every country in the world. It is an economic resource and a geopolitical issue. Research and answer the following questions: 1. Where does the US get our oil from? How much of it is imported? 2. How does price impact your consumption? Relate it to opportunity costs. 3. How does price drive production? Research how speculation plays into the price? 4. Without Government incentives and with the price of gas low…Will people stop buying hybrids? The government played a big role in this by creating higher standards and financing some developments is this good or bad (why?). Is it time to get rid of the incentives? 5. What about fracking-should we do it? What about the environmental stand point? Should the potential harm to the environment be calculated into the cost? 6. Should we drill for oil off the coast of Maine?
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