What most likely caused the steady increase in price per barrel of oil between 2001 and 2008?
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The resources are overused and step by step the availability levels are decreasing and the demands are increasing. So there is a rise in price between 2001 - 2008.
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The answer is a global recession.
It is the major effect that shows the downfall on the global level in the process of the economy.
The economy declines on the global level as an output that will result in the downfall of businesses and affect the GDP on a huge level that becomes the downfall in terms of power and money on the macroeconomic.
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