Question 30
Natural Resources and PetroleumA glut in the world market for crude oil means
- A.a fall in crude oil production
- B.an excess supply of crude petroleum
- C.a higher crude oil price offered by the buyer
- D.a higher crude oil price demanded by the seller.
Show the answer and explanation
Answer: B (an excess supply of crude petroleum)
Explanation
A glut is a situation where more of a commodity is supplied than buyers want at the current price.