Saturday, September 7, 2013
Summary - Scary Oil
Inflation in oil prices is the main issue of the weak global economy. Oil prices have been soaring by 25% in the last 2 years. It was not caused by the lack of supply, instead caused by the fear of a war between Israel and Iran. The military conflict between the two country had been blamed for the three international recessions, including the recent 2008 recession. If negotiation to stop Iran's development of nuclear weapons fail, the US will take military action against Iran, which might result in higher inflation of oil.
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Oil prices have been soaring by 25% in the last 2 years. It was(Tense) not caused by the lack of supply, instead(wrong word) caused(Delete to avoid repetition) by the fear of a war between Israel and Iran. The military conflict between the two country(word form) had been blamed for the three international recessions, including the recent 2008 recession(Use a reference word to avoid repetition). If negotiation(word form) to stop Iran's development of nuclear weapons fail, the US will take military action against Iran, which might result in higher inflation(wrong word) of oil.
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