Question

Give any two affects on lifestyle if there is no supply of oil​

Answer 1

Explanation:

The supply of oil is even less elastic than most other goods because of the specialized investments that are often needed to extract oil. Much of the equipment that is used to mine gold or silver can be diverted to mining platinum or palladium as prices shift. However, expensive equipment used for hydraulic fracturing and offshore drilling often cannot be used for anything else. As a result, oil companies may take years to develop oil fields when prices are high. Furthermore, they often have to continue producing oil even when prices fall because the equipment has no other uses.