| Question |
Go to the OPEC Web site, www.opec.org, and find the current “OPEC basket price” of oil. By clicking on that amount, you will find the annual prices of oil for the past 5 years. By what percentage is the current price higher or lower than 5 years ago? Next, go to the Bureau of Economic Analysis Web site, www.bea.gov, and use the interactive feature to find U.S. real GDP for the past years. By what percentage is real GDP higher or lower than it was 5 years ago? What if, anything, can you conclude about the relationship between the price of oil and the level of real GDP in the United States? |
