Economics class: Why the price of oil has dropped despite new constraints on Russian supply
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Demand and supply, price controls
Click to read the article below and then answer the questions:
Using a diagram, analyse the expected effects of a fall in supply of a good or service
EU sanctions bar vessels transporting Russian crude from accessing European maritime insurance unless the oil is sold for $60 a barrel or less (read this)
Using a diagram, analyse the effects of a price cap mechanism
With reference to the chart, compare the Brent crude price during the period shown
With reference to the article, identify the reasons why ‘oil prices have not soared but slipped’
Use a diagram to support your answer to the previous question
Gavin Clarke, Emmanuel College