Fried, E., & Schultze, C. (1975). Higher oil prices and the world economy. Washington: Brookings Institution.

The source highlights the effect of high oil prices and the effects on the economy of various nations. The effect of the prices will depend on the country whether it is the exporting country or an importing country. The exporting country will have a positive effect on its economy due to huge profits while the importing country will experience hard economic times due to increased prices of items that use oil as fuel. Oil prices are the main drivers of the major economies of the world since their development depends on the oil prices. High prices leave consumers with nothing to save as they spend most of their earnings on buying basic commodities at inflated prices. The result of this is a weak economy wi

Horsnell, P., & Mabro, R. (1993). Oil markets and prices. Oxford: Published by the Oxford University Press for the Oxford Institute for Energy Studies.

The book analysis various oil markets and the prices for fossil fuels in the international markets. One of the oil markets according to the source is the OPEC that supplies oil to many countries. Any fluctuation in the oil prices leads to a positive or a negative impact depending on the country affected. Oil prices are not stable according to the author of the book but depend on the forces of demand and supply. Other oil markets such as Brent and WTI supply the world with the precious commodity. When the demand for the oil is high, the companies increase the prices of the product making it expensive importing countries. When the demand is lower than the supply, the prices go down making oil cheaper for the importing countries.

How Does Oil Impact the Economy? 3 Major Areas of Economic Consequence: The Impact on Inflation, Consumer Spending, and Auto Sales. (2015). Retrieved 11 April 2015, from hhttp://www.mybudget360.com/how-does-oil-impact-the-economy-3-major-areas-of-economic-consequence-the-impact-on-inflation-consumer-spending-and-auto-sales/ttp://

The source analyzes three areas of the economy affected by the oil prices such as inflation, consumer spending, and the auto sales. According to the source, the increase in the oil prices results in inflation as the extra cost goes to the final consumer. High fuel prices increase the cost of production and inputs leading to high cost of the final product. According to this source,since some of the raw materials for manufacturing them are from petroleum products.

Lynch, M. (1989). Oil prices to 2000. London: Economic Intelligence Unit.

The book analyzes oil prices to year 2000 showing times of high prices and times of low prices. According to the author, oil prices are not static but keep on fluctuating depending on the forces of demand and supply. The effect of the prices on major economies such as the US forms part of the book analyzes. Some of the major producers of oil are OPEC, WTI, and Brent, which regulate the oil market since they are the dominant companies.

Mufson, S. (2015). As oil prices plunge, wide-ranging effects for consumers, and the global economy. The Washington Post. Retrieved from http://www.washingtonpost.com/business/economy/as-oil-prices-plunge-wide-ranging-effects-for-consumers-and-the-global-economy/2014/12/01/904984b2-7971-11e4-9a27-6fdbc612bff8_story.html

Prices. (2014). Oil And Energy Trends, 39(3), 39-41. doi:10.1111/oet.12138_9 http://onlinelibrary.wiley.com/doi/10.1111/oet.12138_9/abstract

The journal describes the trend in the oil production and prices in year 2013- 2014. The trend shows the crude oil prices for oil for various countries such as the US in each month. The prices for the oil exporting companies such as Brent, WTI, and OPEC is represented in a graphical form. There are also other trends for the oil prices and energy trends in the journal represented as graphs and tables.

Westhoff, P. (2015). Oil prices affect the cost of food in many ways. Columbia Daily Tribute, pp. 3/3/2012. Retrieved from http://www.columbiatribune.com/business/saturday_business/oil-prices-affect-the-cost-of-food-in-many-ways/article_362957e3-349d-5d98-b928-0ef0bc9a4813.html

A fall in the prices of consumer goods leads to reduced cost of production in the oil-importing countries resulting to lower the cost of consumer goods according to the article. The consumer goods affected most is the food as the cost of production depends directly on the cost of oil. Some inputs such as fertilizers and other farm inputs are produced from petroleum products.