Paper 2 · November 2009 · Demand and Supply
According to the passage, international crude oil prices rose from US$44 per barrel in January 2005. Which price mark did they break through by August 2005?
AUS$100 per barrel
BUS$70 per barrel
CUS$80 per barrel
DUS$90 per barrel
Explanation
The passage states crude oil prices rose from US$44 per barrel in January and broke through the US$70 per barrel mark in August 2005, driven by excess demand from floods and storms affecting major oil consumers.
Derived from ZIMSEC Economics Paper 2, November 2009, Q1