Resource distribution is a key factor influencing its price. Justify this statement in the context of contemporary crude oil prices. (150W/10M)

Mentor’s Comment: The intro will talk about the uneven nature of resource distribution on earth. Establish the relation between input prices and economic development. Generally link the price of a resource with its abundance. Give examples. Then talk about oil. Highlight its importance in economic development and talk about the current price spike. Stress on … Continue reading Resource distribution is a key factor influencing its price. Justify this statement in the context of contemporary crude oil prices. (150W/10M)