Varsity-Packet-Final

B links 1 note read evidence or explanation as to how

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: ............................................ 24-25 Article: Russia Stocks Rise to Week High as Oil Rallies ................................................................ 26-27 1|Page Russian Oil DA BDL Summary One significant problem with reducing the consumption of fossil fuels (coal and oil) that lead to environmental harm is that doing often involves reductions in the use of oil. This is problematic because the economies of many different countries throughou t the world depend on money they make from selling oil abroad. Substantial reductions in the consumption of oil could threaten these economies, which could increase the risks of instability and war in particular regions. This disadvantage argues that if the United States reduces its demand for oil by increasing efficiency in transportation infrastructure that this will lower the demand for oil and hence the price of oil. The price of oil is likely to fall if demand for oil falls because of the law of supp ly and demand which says that as the demand for an item increases so will the price because sellers can sell the item to only those who can afford to pay the highest price. If the price of oil declines, Russia will make less money on oil exports and its e conomy will be threatened because its economy is dependent on oil exports. If Russia’s economy declines, there will likely be instability and war because people will begin to fight over very limited resources. 2|Page Russian Oil DA BDL Glossary Vocabulary Acceleration. Acceleration is to go faster. If your car accelerates, it goes faster. Brent. Another name for oil Commodity. A commodity is a raw material or agricultural produce that can be bought or sold. Depletion. Depletion is the gradual running out of an item. Diversification. Diversification is the idea that a person or company should not be completely dependent on the sale of a single product. Emerging markets. Emerging markets are places in the world where the economy has started growing well enough that they have become places where companies can sell a substantial number of consumer products. Ethnicity. Ethnicity refers how a person identifies themselves based on a common heritage with others. Eurozone. The Eurozone is an economic and monetary union of 16 Europe an countries. Fossil Fuels. Fossil fuels are fuels that are naturally derived from decaying fossils in the earth. Fossil fuels include coal, oil, and natural gas. Moscow. Moscow is the capitol of Russia. Oil dependence. Oil dependence refers to the idea that a country needs to import its oil in order to have enough to meet the domestic demand for oil. Pension. A pension is a monthly payment that you get from a company or the government after you retire if you have worked there for a number of years. Proliferation. Proliferation refers to the spread of nuclear weapons Rouble/Ruble. Russia’s currency/money 3|Page Russian Oil DA BDL Glossary Acronyms BRIC Countries. Brazil/Russia/India/China CBWs. Chemical and Biological Weapons EIA. Energy Information Agency EUROX. Eastern Europe...
View Full Document

Ask a homework question - tutors are online