Oil Prices and the Macroeconomy

I) Discuss some key drivers of the oil price changes in the past. WilI the effects of an oil price change depend on the source of shock hitting oil prices? How do you think the recent oil price decrease (2014-2016) affected the global economy?

2) In your min d, what are the prospects for the oil industry and for resource rich economies going forward? (NB. Use Norway as an example).

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