Write a research paper about oil price related to people's daily life

Write a about oil price related to people's daily life - Research Paper Example The reduction affected the earnings for OPEC, which in turn reduced its supply to maintain a certain price. Shortage of oil in turn increased its prices in the consuming countries leading to high prices for the basic commodities. The fall in oil prices in year 2014 will affect large economies such as the US, which have large borrowings with expectations that oil prices may go up. Anything that affects the economy of a nation affects the lives of the consumers who the country’s citizens. Rising oil prices in the international markets lead to increased prices of oil products such as cooking fuels and petroleum products. High prices of petroleum products such as petrol and diesel lead increase in the transportation costs for consumers goods forcing the sellers to increase their prices as well. In fact, almost all the commodities used by consumers today depend on the price of oil especially the industrial manufactured goods. Many industries use oil products to run their machines a nd any price fluctuation and increase in price is passed to the consumer. Oil prices affect the prices of consumer goods in the world because they raise the production cost for manufactured basic commodities. Many medical products originate from petroleum, which means that any change in the oil prices will affect the prices of medical products and finally the health of consumers. Many may not be aware that many products they use for medical purposes come from oil products such as petroleum. Without the product, loss of lives will be a common phenomenon due to lack of important medical devices and the high cost of the available ones. Some the examples of the devices from petroleum products are vaporizers, gloves, stethoscope, anesthetic, heart valves, artificial limbs and many more (Horsnell & Mabro, 1993). Hospitals rely on the petroleum product for their daily operations without which diagnosis and treatment would be impossible. Other health items at home use