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How do high oil prices affect the economy on a micro level ?

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Question added by Samer Khatib , Economics Moderator , Bayt.com
Date Posted: 2016/08/03
ravikumar ramachandran
by ravikumar ramachandran , Technical Consulting Specialist , Hewlette Packard Enterprise

Changes in the Oil prices definitely has a ripple effect on the economy. Each and every production industry depends on transportation industry to get the raw materials and again transport the end product to the customers.

Deleted user
by Deleted user

Changes in oil prices definitely affect the economy. Change in the oil price causes changes in Raw material like P.P etc. (for my industry), transportation cost, it also impacts the currency rates.

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