(영어회화주제) 오일쇼크

 

The coronavirus pandemic led to a rapid economic contraction.

Global demand for oil also took a nosedive(폭락하다)

This was largely due to much less demand in China, which is a major consumer of petroleum products.

OPEC member-nations and other oil-producing countries entered negotiations for the reduction in oil production.

However, the negotiations fell through because of Russia's dissent.

As a result, oil prices began to plummet. Prices fell at rates never seen before.

On some days, prices fell by 30%, which was unprecedented.

Some benchmark oil prices(기준유가) fell as low as 20 dollars a barrel.

The ongoing game of chicken between Saudi Arabia and Russia led to a volatile oil market for quite a while.

 

 

1. How did the oil shock affect the global economy?

- I have no idea.

- As far as I know, Oil is a necesarry factor to operate various engines

- I think everthing about oil things is very important to the global market

 

2. What effects did the oil shock have on our daily lives?

- I am enjoying this

- Beside from a macroeconomics, I can buy gas at a cheap price

- So, these days, I am filling my car to the maximum

 

3. What are some ways to reduce our dependence on oil?

- We have to use renewable energy

- Such as Solar energy, Wind energy etc

- and It is also good way to take public transportations in terms of individuals

 

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