Which evidence would support an argument that increases car ownership leads to a rise in oil prices?

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Brenton Payne

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13 July, 00:31

Which evidence would support an argument that increases car ownership leads to a rise in oil prices?

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Kasey Hutchinson · Answer 1

The statement is predicated on the laws of supply and demand. An increased demand for a commodity means that its price will increase. The fact that the number of automobile owners is increasing means the demand for oil is greater. Additionally, demand means that the supplier controls the price of the commodity. More demand leads to higher prices for the commodity.