Sentences with phrase «driven changes in oil prices»

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I start (and started) from the premise that the dramatic decline in crude oil prices that took place from August, 2014 ($ 96 / barrel), to March, 2015 ($ 44 / barrel), was due — on the one hand — to decreased demand, a function of slow economic growth in Asia, Europe, and elsewhere, endogenous, price - driven technological change leading to greater fuel efficiency, and policy - driven technological change that also has been leading to greater fuel efficiency, such as more stringent Corporate Average Fuel Economy (CAFE) standards in the United States; and — on the other hand — was due to increased supply, partly a function of the growth of unconventional (tight) U.S. oil production (a product of the combination of two technologies — horizontal drilling and hydraulic fracturing).

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This may be due to differences in the way specific regions are recovering from the Great Recession, or because of more recent impacts to local economies driven by things such as changes in oil prices.