Friday, September 6, 2013

Scary Oil (Summary)

Based on the article "Scary Oil (http://www.economonitor.com/nouriel/2012/03/15/scary-oil/) 


In the previous years, oil prices had been the main cause of financial crisis across the globe following political unrest in the Middle East. Recently, the increase in oil prices added burden to the global economy reason being the fear of tensions between Israel and Iran. The US would have to intervene with the matter as the conflict gets serious to prevent production of weapons of mass destruction. The worst case scenario would be imposing military action against Iran. However, it would likely to cause a sluggish economic growth for the US as well if a war erupts, thus will cause an absolute recession. Besides, this would influence an economic slump and cause even more geopolitical tensions. Still, even without a war, the fear would eventually increase oil prices. The conflict between the countries will cause a global economic downturn in addition to the burden of oil prices.

(148 words)


1 comment:

  1. In the previous years, oil prices had been(T) the main cause of financial crisis(WF) ...
    burden to the global economy reason being the fear of tensions between Israel and Iran. (reorganize this sentence)
    The US would(ww) have to intervene (with the matter?) as the conflict gets serious (^ ^)to prevent production of weapons of mass destruction. The worst case scenario would be imposing(ww)military action against Iran. However, it would(ww) likely(red) to(red) cause a sluggish economic growth for the US as well if a war erupts, thus(red) will(red) cause(vf) an absolute recession. Besides, this would influence an economic slump and cause even more geopolitical tensions. Still, even without a war, the fear would(ww) eventually increase oil prices (^) The conflict between the countries will(red) cause(vf) a global economic downturn in addition to the burden of oil prices.

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