Crude oil prices behave much as any other commodity with wide price swings in times of shortage or surplus. The crude oil price cycle may extend over several years responding to changes in demand as well as OPEC and non-OPEC supply. Reflecting increases in consumer demand for petroleum products, world crude oil demand has been growing at an annualized compound rate slightly in excess of 2 percent in recent years. Demand growth is highest in the developing world, particularly in China and India (each with a population in excess of 1 billion) and to a lesser extent in Africa (0.8 billion) and South America (0.35 billion) (OPECS symbolic move). Where high demand growth exists it is primarily due to rapidly rising consumer demand for transportation via cars and trucks powered with internal combustion engines. For economic and political reasons, this high demand growth did not exist in most of the developing world even a decade ago. (Oiling or Spoiling)
OPEC was formed in 1960 with five......

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Title: Crude Oil Prices In The Market
Approximate Word Count: 1135
Approximate Pages: 5 (250 words per double-spaced page)

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