International Journal of New Developments in Engineering and Society, 2017, 1(3); doi: 10.25236/IJNDES.17324.
Hengyu Lyu,Yuwen Chang
PetroChina Research Institute of Petroleum Exploration & Development, Beijing 100083, China
As a basic energy product, petroleum currently accounts for about 40% of the world's total energy consumption. As an important kind of material resource, it is the main driving force of modern economic development. The twentieth century is called the century of oil. The rapid development of world economy in the 20th century is closely related to the large-scale development and utilization of petroleum resources. Modern life can not be separated from the consumption of petroleum. The economic growth of the modern society will inevitably bring about an increase in the demand for petroleum consumption. The status and role of oil are as follows: Oil is an important energy source; oil is an important driving force for the economic development of all countries; oil is an important guarantee for national security. This paper mainly uses the "three-factor analysis method", namely: supply and demand factors, cost factors, financial factors, a comprehensive analysis of the changing rules of international crude oil prices.
WTI Oil Price; supply and demand factors; cost factors; financial factors
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