Impact Of Oil Prices On The AD And AS Of An Economy

Drivers of sharp decline in Global Oil PriceHow oil prices affect the AD or AS of an economy?
The oil industry had always been a subject of booms and busts but recently it has witnessed a new downturn. There are several companies that had previously earned record profits but they are eventually forced to decommission rigs and sharply decrease their investment in the exploration and production. In this regard, there was a loss of jobs by…