Various international crises and issues periodically raise the price of oil imports, which can send ripple effects throughout the economy. While it might not be the producer that other countries are, the U.S. has vast supplies of oil. What is a likely reason it still imports oil despite the impact of these international influences on prices? Group of answer choices Importing oil allows the U.S. to focus on developing other industries. The U.S.’s environmental standards are too high to produce oil domestically. The opportunity costs of producing all oil products domestically must still be higher than importing. The U.S. is trying to prop up its political partners by importing their oil.
Various international crises and issues periodically raise the price of oil imports, which can send ripple effects throughout the economy. While it might not be the producer that other countries are, the U.S. has vast supplies of oil. What is a likely reason it still imports oil despite the impact of these international influences on prices? Group of answer choices Importing oil allows the U.S. to focus on developing other industries. The U.S.’s environmental standards are too high to produce oil domestically. The opportunity costs of producing all oil products domestically must still be higher than importing. The U.S. is trying to prop up its political partners by importing their oil.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Various international crises and issues periodically raise the price of oil imports, which can send ripple effects throughout the economy. While it might not be the producer that other countries are, the U.S. has vast supplies of oil. What is a likely reason it still imports oil despite the impact of these international influences on prices?
Group of answer choices
Importing oil allows the U.S. to focus on developing other industries.
The U.S.’s environmental standards are too high to produce oil domestically.
The opportunity costs of producing all oil products domestically must still be higher than importing.
The U.S. is trying to prop up its political partners by importing their oil.
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