Why Oil Continues Its Climb (2/2)
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参考答案: Another cause of high oil prices is the weak American dollar. Oil is traded in dollars, so a less valuable dollar buys less oil. But, experts have noted that the weak dollar alone cannot explain the increase of about eighty-five percent in the price of oil over the last year.
The Organization of Petroleum Exporting Countries is the world's largest oil producing group. It says its member nations, not including Iraq, are investing one hundred twenty billion dollars in over one hundred new oil projects. OPEC says it produces about forty-five percent of the world's oil exports.
In the past, non-OPEC producers like Russia, Mexico and Norway have increased production to meet demand. But these nations have struggled to keep production at the levels of recent years. Norway's production, for example, has decreased by twenty-five percent since two thousand one.
The expanding economies of Asia, especially China and India, have increased pressure on world supplies. Meeting demand appears to be harder than ever before.
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