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Chapter 3: Q. 1 - For Critical Thinking (page 70)

What do you predict has happened to oil storage prices

whenever shortages of storage space have arisen?

Short Answer

Expert verified

Rise.

Step by step solution

01

Step1. Given information

Storage shortages for storing oil.

02

Step2. Explanation

Since, the storage facilities are facing increased demand for storing oil, the impact on oil storing prices would be an increase because prices go up under excess demand situation.

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