Global oil prices fell from over $100 per barrel to $25 per barrel.
Global oil prices fell from over $100 per barrel to $25 per barrel. The world supply of oil (aided by many more countries including the United States drilling for oil) dramatically outpaced demand as economic growth in oil-thirsty countries such as China slowed. Meanwhile, fuel prices dropped to 10-year lows, resulting in a spike in car and truck sales and an increase in airline travel. Analyze the effects of rising and falling oil prices on consumer behavior and how they affect the environment. Explain how oil prices and fuel consumption create a catch-22 for the environment.
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