In the last two years, massive shifts in crude oil markets have led to dramatic

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In the last two years, massive shifts in crude oil markets have led to dramatic changes in
crude oil prices. In April 2020, crude prices collapsed to the lowest levels in many years,
while in March 2022 crude prices spiked to the highest levels in many years. One
perspective on these movements is that a common feature, the presence of OPEC+ (a
consortium of many of the original members of OPEC, together with Russia) was a key
factor in driving the price swings. A second perspective is that each of the two movements
was driven by a unique event that had little to nothing to do with OPEC+. In this essay I
want you to reflect on these remarkable recent events, and write a short essay – no more
than four pages – arguing one side of the debate. In framing your discussion you should
use materials from course lectures as appropriate; you can also bring in material from the
internet (in which case you need to give appropriate credit to the sources you use, and
provide accurate references). You will also want to think about the side of the market
(Demand or Supply) in which shifts played the more important role in causing price
changes, and why such shifts would cause dramatic changes in price. Your essay will
benefit greatly from the use of appropriate graphs. You may also want to discuss any
parallels between past events in the history of the oil market and the most recent drop in
oil prices, and use that comparison to frame your answer.

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