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Post by ThuyAnh Dan on Jan 23, 2016 17:13:52 GMT
1) What are the impacts of the decrease in oil price on your daily lives?
From my point of view, that the oil price keeps falling sharply has certain impacts on our daily life. On the bright side, there is no doubt that the cost of transportation will decreased and the people who have to drive to work every day can save a lot of money. In addition, the sliding oil price and also leads to a fall in the cost of manufacturing, which brings businessmen significant advantages. However, when the products come to the market for sale, the prices appear not to be adjusted. As a customer, I rarely feel any advantage because I still have to pay the same amount of money for everyday products. This case also happens for many other services. For example, the cost of traveling from Hanoi to my hometown remains unchanged while it is much cheaper to run a vehicle these days. In other words, the plummeting oil price is not really beneficial for everyone and has insignificant impacts on my daily life.
2) What's your opinion about the credibility of the information provided in the article?
To the best of my knowledge, this article is extracted from “The Guardian”, which is a famous and prestigious newspaper. “The Guardian” is British national daily newspaper with a long history of development from a local paper to one of the most acclaimed paper over the world. Having received a lot of reward, “the Guardian” has proved its reliability and provided readers with credible information. So we can trust the credibility of this article.
3) From your perspective, how will oil price fluctuate in the next 2 years?
It is difficult to make accurate predictions about the oil price because the reason of the falling oil price lies in the geopolitical tension between Iran and Saudi Arabia and many other factors brought by America and Russia. According to the current situation, I think oil price will continue to drop or remain low due to unsolved political problems. However, the price will be erratic in the year 2017 as no one can predict what actions America and Russia would take to deal with the current issue.
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Post by Anh Thu on Jan 23, 2016 19:32:07 GMT
1) What are the impacts of the decrease in oil price on your daily lives? - Thanks to the plunge in the oil price, it is obvious that the customers would gain benefit by paying less for one of the most necessary daily expenses. However, in a broader view, this decrease may slightly encourage the use of transport, which would lead to a steady increase in traffic congestion and environmental costs of petrol uses. 2) What is your opinion about the credibility of the information provided in the article? - According to my research, “The Guardians” – the source of this article – was founded in 1821 and has grown into a national paper since 1959. Besides, this paper does not only establish itself in Britain through both online and offline editions but also proves its prestige by successfully established two international ones: Guardian Australia and Guardian US. Moreover, this publication has great influence in publishing area and has sponsored many awards in this area. Therefore, this is a trustworthy source. 3) From your perspective, how will oil price fluctuate in the next 2 years? - It is hard to make a prediction about how the price would be in the next 2 years. In my opinion, there is a possibility that the price would not increase in this period of time due to the tense relationship between Russia and America as well as the political problem relating to the raise of IS.
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Post by Vu Minh Hoang on Jan 24, 2016 11:43:28 GMT
1) Honestly, the news that oil price reduced has brought me a lot of benefits First of all, I could save a comparative amount of money when I have my motorbike filled up Additionally, thanks to the decrease in oil price, a far long travel trips are currently no longer problems to me as well as many other people Finally, on a larger scale , the fact that oil price decreased does not only affect privates in particular but also a whole country in general. For instance, China is also an oil producer, the world’s fourth largest, producing more than 4 million barrels per day. Yet it also is the world’s largest consumer of foreign oil, importing nearly 60 percent of its stocks, according to China’s National Bureau of Statistics. And it has saved an estimated $17 billion from the lower cost of oil imports in 2014, according Wang Tao, UBS’s chief economist.
What’s more, China’s savings on oil and the products that rely on it give can be invested inexpensively in its strategic energy reserves, and keep inflation and producer prices low, according to Kenneth Courtis, the chairman of Starford Holdings. “In the wildest dream of great news for the Chinese economy, no one could have dreamed of such a positive scenario,” he said.
2) This piece of news cited the Guardian, one of the most renowned newspaper in the United Kingdom, owned by Guardian Media Group. Established in 1821, the Guardian is subsidied by a non-profit Scott Trust The Guardian gains fame for the prestige and it also has the second highest number of subscribers through English websites, after The New York Times. It can not be denied that in the publishing world today, you can get confused by a huge sources of news. But the Guardian has built up its credibility over time, and i believe that all the readers will not get dissapointed, for sure.W
3) I am not a prophet, so predicting the future to me is impossible. However, to my perspective, it is likely that the oil price would fluctuates in a pessimistic way, at least in 2 more years When the world is witnessing one of the most chaotic change in oil price, there is one side that still enjoy the great profit that the '' black gold '' brings about: the Islamic State. This cruel terrorism group has made about 500 millions dollars owning to smuggling oil that it exploits in Syria and Iraq. Since ISIL invaded Aleppo and Raqqa and made these places invincible fortress, oil becomes an indispensable source to make money If superpower nations do not unit and take immediate measures to prevent IS from exploiting irresponsibly, sooner or later, the last oil drops would not belong to human but these beheading demons
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Post by Viet Tran on Jan 24, 2016 14:14:34 GMT
1) What are the impacts of the decrease in oil price on your daily lives?
OIL plays a vital role in our daily lives. Oil shows up in thousands of places besides vehicles’s fuel tank and engine. The changes in oil price, therefore, have a evident impacts on life. In my estimation, lower oil price help to reduce the cost of living dramatically. To exemplify, with the decrease in oil, I have to pay less for the petrol comsumption of my motorbike. In December 2015, the price of A92 was 16,400VND/l but according to the latest business news in 19, January 2016, A92 only costs 15,440VND/l, decreases by nearly 1000VND/l. Fortunately, this decline helps me to save approximately 6,000VND for each time filling up petrol for my Lead. Furthermore, this recent drop in oil price also results in the lower price of products, especially imported products, for transportation costs less money for filling petrol as well as maintaining vehicles’ machinery. Consequently, the decrease in oil price has a positive effect on my daily life.
2) What is your opinion about the credibility of the information provided in the article? To the best of my knowledge, “Oil and US share prices tumble over fears for global economy” is an article of The Guardian - a British national daily newspaper, founded and continuously published since 1821. The newspaper has been received several National Newspaper of the Year awards and has won the Best Newspaper category three years running in 2005, 2006 and 2007. Overall, this is a reputable non-scholarly source for all sorts of information and therefore, the crebility of the information provided in the article is assured. 3) From your perspective, how will oil price fluctuate in the next 2 years?
As far as I am concerned, the price of oil has changed erratically this time and it seems to be arduous to make any prediction about the oil price in the future. However, from my perspective, there is every likelihood that the price of oil will drop to lower price in the next 2 years. The reason why crude oil has been dropping so fast firstly boils down to the simple economics of supply and demand. Saudi, Nigerian and Algerian oil is in a competition with Asian markets and the producers are forced to drop prices. Canadian and Iraqi oil production and exports are increasing year by year. At the same time, on the demand side, the economies of Europe and developing countries are weak; vehicles are becoming more energy-efficient and the need for crude oil or gas for radiator in the winter is diminishing due to the consequent effect of climate change. Therefore, the demand for fuel has undergone substantial shrinkage.
The second reason should be mentioned to is OPEC inaction. Organization of Petroleum Exporting Countries (OPEC) is an intergovernmental organization of 13 petroleum-exporting nations, founded in 1960 "to coordinate and unify the petroleum policies of its member countries and ensure the stabilization of oil markets, in order to secure an efficient, economic and regular supply of petroleum to consumers, a steady income to producers, and a fair return on capital for those investing in the petroleum industry." (Wikipedia) However, in recent years, the shale boom and increased production from the U.S. has “greatly reduced OPEC’s ability to dominate world oil markets,” said Charles Perry, chief executive officer of energy-consulting firm Perry Management. Despite a plethora calls from oil producers in Saudi Arabia, Algeria, Nigerian and Venezuela, OPEC has not announced any plants to hold an emergency meeting. It almost seems like OPEC is not even trying to help stem the flow of oil or the drop in prices. Very deep and thourough answers. Thank you for your participation.
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Post by Viet Tran on Jan 24, 2016 14:47:12 GMT
1) What are the impacts of the decrease in oil price on your daily lives? Answer: From my perspective, the decrease in oil price has some influences on our daily lives, both negative and positive. On the one hand, the oil revenues fell as Vietnam is an oil crude exporter. On the other hand, Vietnam also imports oil products for production and domestic consumption, which will now lower the oil price in our country. It is obvious that we are recently spending less money on gasoline. 2) How does isis's influence affect oil price? What should be done to address this issue? Answer: After considering, I believe that The Guardian is a reliable source.It is a British national daily newspaper, which was founded in 1821 as a local paper. Now it has grown into a national paper providing the readers with domestic and international news. In addition to its UK online edition theguardian.com, the paper also has two international websites, Guardian Australia and Guardian US. .A research had been carried out and shown that the Guardian in paper form had an average daily circulation of 189,000 copies, behind The Daily Telegraph and The Times, and ahead of The Independent; while the newspaper's online edition was the fifth most widely read in the world in 2014, with over 42.6 million readers. Therefore, the credibility of the information provided in The Guardian is guaranteed and reliable. 3) From your perspective, how will oil price fluctuate in the next 2 years? Answer: In my opinion, I believe that the oil price fluctuation will still endure in the next 2 years if the civil war caused by Isis does not end. Take Lybia for exampe, this region is historically oil rich, but recently Isis has hampered production. Some oilfield and pipeline has been damaged in a fire, and others have stopped production entirely during the war. To stop this issue, other countries especially United States and Russia should have a tough military action to put an end to the fighting in Lybia. Futhermore, the OPEC (the Organization of Petroleum Exporting Countries) plays an initial role in determining the oil price in recent year. OPEC controls 40% of the world's supply of oil,which can influence the price of oil and gas by increasing or decreasing production. Reply: Nicely done. However, I have to say that your answer for the third question is not very clear. You should state that whether or not the price will change, and in what way. Thank you for your participation.
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Post by Viet Tran on Jan 24, 2016 14:51:39 GMT
1. On the bright side, the gradual fall of oil price has been unquestionably beneficial to my daily life. Since petrol is extracted from oil, the decreased price of oil will lead to the decreased price of petrol, which will save me a large amount of money in terms of running a motorbike. The petrol oil once reached 20 thousand dong per liter, but now it fluctuates between 15 thousand dong and 16 thousand dong. However, I personally think that this is only advantageous in transportation aspect. The prosperity of Vietnam based a lot on the amount of oil exported, thus when the global oil price dwindles, there will be less profits, or a non-profit income for Vietnam. Therefore, our living standards will be for sure lessened and we would not have enough budgets for developing the country. To include, I think the fall in oil price will be temporarily beneficial, yet distressing in a long term.
2. The article above is published in “The Guardian”, which is a long-lasting newspaper in Britain and trusted , as I believe, by many readers not only in the UK but also all over the world. Additionally, almost all the information provided in the article is facts rather than judgments or comments. Therefore, it could not be distorted or misunderstood. In conclusion, the article is reliable and trustworthy.
3. It is extremely difficult to make any comment about the oil price in the future because it is connected closely to the relation among America, Russia, Iran, and many other countries. Each country has their own conditions and plans; however, I think that America will not stop until Russia or other threats like ISIS surrender. And since America is not much affected by the price fall, I think this situation will continue and maybe the oil price will fall more substantially.
Reply: I can hardly add anything to your answers. You really did make yourself clear by giving out logical arguments and specific examples. Nicely done.
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Post by Viet Tran on Jan 24, 2016 15:09:23 GMT
1) What are the impacts of the decrease in oil price on your daily lives?
Vietnam is favored by nature, which makes it one of the biggest holder of crude oil in Asia. However, we do not have the technical capabilities to turn crude oil into what we use for our vehicles and our machine. Therefore, gasoline, diesel fuel, residual fuel oil and so on, have to be imported. The falling of oil price has resulted in the falling of the price of many other products. For example, the payment we have to make to maintain our private transportations reduces considerably. We can also meet our daily needs at a more bargain price due to the fact that the oil for machine costs factories less than usual. To sum up, the decrease in oil price has led to the decrease in many things else price. This is great news for us, the consumers (but not that great for the producers and the society as a whole).
2) What's your opinion about the credibility of the information provided in the article?
This article is retrieved from The Guardian, a British national newspaper. The Guardian has long been one of my favorỉte sources of information. It has a long history of founding, developing and improving. It has also gained its reputation around the world for its reliability among other online newspaper like The New Yorker, BBC, The Telegraph and so on. Articles featured on this newspaper is informative, comprehesive and intriguing.
3) From your perspective, how will oil price fluctuate in the next 2 years?
The price of oil has been very capricious recently. It is highly likely that it will keep going up and down if Isis keeps up its game in winning over the world's oil resources and the U.S continues its embargo towards Russia. There is no garuantee in a stable stage for the oil price. It depends a lot on the politics, the demand for oil and the supply of oil.
Reply: I can see that you have very good knowledge of this matter. Very deep and insightful answers, followed by persuasive arguments and nice word choices. However, I believe that oil price is likely to go down or keep staying low for ISIS is going to stay here for a long time, according to present situation. Thank you for your participation.
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Post by Viet Tran on Jan 24, 2016 15:45:48 GMT
1) What are the impacts of the decrease in oil price on your daily lives?
OIL plays a vital role in our daily lives. Oil shows up in thousands of places besides vehicles’s fuel tank and engine. The changes in oil price, therefore, have a evident impacts on life. In my estimation, lower oil price help to reduce the cost of living dramatically. To exemplify, with the decrease in oil, I have to pay less for the petrol comsumption of my motorbike. In December 2015, the price of A92 was 16,400VND/l but according to the latest business news in 19, January 2016, A92 only costs 15,440VND/l, decreases by nearly 1000VND/l. Fortunately, this decline helps me to save approximately 6,000VND for each time filling up petrol for my Lead. Furthermore, this recent drop in oil price also results in the lower price of products, especially imported products, for transportation costs less money for filling petrol as well as maintaining vehicles’ machinery. Consequently, the decrease in oil price has a positive effect on my daily life.
2) What is your opinion about the credibility of the information provided in the article? To the best of my knowledge, “Oil and US share prices tumble over fears for global economy” is an article of The Guardian - a British national daily newspaper, founded and continuously published since 1821. The newspaper has been received several National Newspaper of the Year awards and has won the Best Newspaper category three years running in 2005, 2006 and 2007. Overall, this is a reputable non-scholarly source for all sorts of information and therefore, the crebility of the information provided in the article is assured. 3) From your perspective, how will oil price fluctuate in the next 2 years?
As far as I am concerned, the price of oil has changed erratically this time and it seems to be arduous to make any prediction about the oil price in the future. However, from my perspective, there is every likelihood that the price of oil will drop to lower price in the next 2 years. The reason why crude oil has been dropping so fast firstly boils down to the simple economics of supply and demand. Saudi, Nigerian and Algerian oil is in a competition with Asian markets and the producers are forced to drop prices. Canadian and Iraqi oil production and exports are increasing year by year. At the same time, on the demand side, the economies of Europe and developing countries are weak; vehicles are becoming more energy-efficient and the need for crude oil or gas for radiator in the winter is diminishing due to the consequent effect of climate change. Therefore, the demand for fuel has undergone substantial shrinkage.
The second reason should be mentioned to is OPEC inaction. Organization of Petroleum Exporting Countries (OPEC) is an intergovernmental organization of 13 petroleum-exporting nations, founded in 1960 "to coordinate and unify the petroleum policies of its member countries and ensure the stabilization of oil markets, in order to secure an efficient, economic and regular supply of petroleum to consumers, a steady income to producers, and a fair return on capital for those investing in the petroleum industry." (Wikipedia) However, in recent years, the shale boom and increased production from the U.S. has “greatly reduced OPEC’s ability to dominate world oil markets,” said Charles Perry, chief executive officer of energy-consulting firm Perry Management. Despite a plethora calls from oil producers in Saudi Arabia, Algeria, Nigerian and Venezuela, OPEC has not announced any plants to hold an emergency meeting. It almost seems like OPEC is not even trying to help stem the flow of oil or the drop in prices.
Reply: 1. I totally agree. I am and have been a happy man since the price dropped for now I can eat 2 loaves bread per morning instead of one. 2. There is no doubt that the information provided by the newspaper is reliable because of all the facts that you have stated.
3. Reply: I can see that you have very good knowledge of this matter. Very deep and insightful answer, followed by persuasive arguments and specific examples. There is nothing I want to add to your answer.
Nice job. Thanks for your participation.
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Post by thanhhale on Jan 24, 2016 16:00:20 GMT
1) What are the impacts of the decrease in oil price on your daily lives? - Thanks to the plunge in the oil price, it is obvious that the customers would gain benefit by paying less for one of the most necessary daily expenses. However, in a broader view, this decrease may slightly encourage the use of transport, which would lead to a steady increase in traffic congestion and environmental costs of petrol uses. Anh Thu, you have a point here. If the decrease in oil price keep holding still, it may lead to some problems beyond business. We should give them a serious look as we have considered with business problems. However, you just consider the impacts of the oil's downfall on a wide range. Can you share me more about your own daily life change that appear when the oil price comes down? Thank you for your participant.
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Post by Lê My on Jan 24, 2016 16:06:22 GMT
1.What are the impacts of decrease in oil price on your daily lives?
The recent decrease in oil price is apparently a good news to many Vietnam’s citizens. However, it does not have any significant impacts on my daily lives since electric bycicle is my primary mean of transport. Although oil price has never really been one of my concerns, it might pose a thread of economic deterioration in the long term because crude oil exports account for a considerable amount of Vietnam’s sate budget. In addition, the rise in price of oil can also stimulate local oil consumption and production, which will probably highten the issue of severe environmental contaminaton that our contry has been long-term dealing with.
2. What’s your opinion about the credibilty of the information provided in the article?
This article is featured in a highly prestigious newspaper named The Guardian. This is a British national daily newspaper (Wikipedia) which has gained its credibility among worldwide readers since 1959. It was also nominated as “newspaper of the year” at the 2014 British Press Awards. Furthermore, this article has recently been published in Wednesday 13 January 2016, so all figures provided are still valid. Lastly, the two authors are from two different countries which are England and America. This fact once again guarantees the trusworthiness of the provided article.
3. From your perspective, how will oil price fluctuate in the next year?
It is hard to imagine the future scenerio of oil price due to its unforseen change during the past. However, according to the global situation between 2014 and 2016, I do believe that there will be a great plunge in the price of oil in the near future. Additionally, there is a likelihood that ISIS will continue to seize control over Irag and Syria . Together with global economic crisis and the unsustainable growth in the amount of oil stockpiles, the power of ISIS over the two largest oil industries ( Irag and Syria) might result in an unexpected decrease in the price of oil.
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Post by thanhhale on Jan 24, 2016 16:21:19 GMT
1) What are the impacts of the decrease in oil price on your daily lives? From my point of view, that the oil price keeps falling sharply has certain impacts on our daily life. On the bright side, there is no doubt that the cost of transportation will decreased and the people who have to drive to work every day can save a lot of money. In addition, the sliding oil price and also leads to a fall in the cost of manufacturing, which brings businessmen significant advantages. However, when the products come to the market for sale, the prices appear not to be adjusted. As a customer, I rarely feel any advantage because I still have to pay the same amount of money for everyday products. This case also happens for many other services. For example, the cost of traveling from Hanoi to my hometown remains unchanged while it is much cheaper to run a vehicle these days. In other words, the plummeting oil price is not really beneficial for everyone and has insignificant impacts on my daily life. 2) What's your opinion about the credibility of the information provided in the article? To the best of my knowledge, this article is extracted from “The Guardian”, which is a famous and prestigious newspaper. “The Guardian” is British national daily newspaper with a long history of development from a local paper to one of the most acclaimed paper over the world. Having received a lot of reward, “the Guardian” has proved its reliability and provided readers with credible information. So we can trust the credibility of this article. 3) From your perspective, how will oil price fluctuate in the next 2 years? It is difficult to make accurate predictions about the oil price because the reason of the falling oil price lies in the geopolitical tension between Iran and Saudi Arabia and many other factors brought by America and Russia. According to the current situation, I think oil price will continue to drop or remain low due to unsolved political problems. However, the price will be erratic in the year 2017 as no one can predict what actions America and Russia would take to deal with the current issue. Good job. I see that you write the comment from the standpoint of your own. I share the same thought with you that it is difficult to make prediction about the oil price fluctuation because of the geopolitical tension in Middle East and the actions of America and Russia. Thanks for your participant.
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Post by quynhphuongnguyen on Jan 24, 2016 16:36:56 GMT
1) What are the impacts of the decrease in oil price on your daily lives?Oil price decrease certainly has significant impacts on people's life but to me, it seems to be an exception. My most-used means of transport are coaches and buses, though not regularly, but I have not seen any change in their carriages. Some companies did adjust their carriages but disappointingly just in inconsiderable amount. Some even put up the prices of transportation when Tet holiday is around the corner in order to compensate for their losses in customers in this occasion. In addition, due to the fact that transport charges have not been reduced greatly enough, some commodities' prices remain nearly unchanged. Furthermore, oil price is not always stable, its trend is now even more unpredictable than ever. Therefore, oil price decrease is like a double-edged sword: People may be beneficial in present but in a long-term outlook, this issue may create negative effects on our country's economy. 2) What's your opinion about the credibility of the information provided in the article?The article above is retrieved from The Guardian, which has long been renown as one of the most prestigious and reliable newspapers not only in the US but also in all over the world. It also conducted thorough investigation and revealed a few top secret political scandals from 2011 to 2014. Therefore, we can completely lay trust on the information of the article. In addition, there are many specific statistics and evidences exposed in the article to support its content such as " The Dow Jones industrial average dropped by 364 points, or 2.2%, to 16,151, and the Nasdaq composite dropped 159 points, or 3.4%, to 4,526",... It is the statistics and citations that assure the reliability of the article and show the author's in-depth awareness of the problem. The structure of the article is also of importance to its credibility. On a whole, the article is presented logically and clearly: Each of its pieces of information is supported by exact figure and citations,... In a nutshell, the article has succeeded in seizing the readers' belief in its information and content. 3) From your perspective, how will oil price fluctuate in the next 2 years?As far as I am concerned, oil price stands a high chance of being unstable in the next two years. Iran's sanctions have just been lifted, which will make its oil production continue to grow in 2016 and 2017. Therefore, there is likelihood that oil price dwindles in 2016 and becomes erratic in 2017. Reply: 1) In terms of this question, I can't agree more. I understand your feeling when there is no change in the fees you have to pay for coaches and buses. On the other hand, I am happy each time buying petrol, as motorbike is my optimal choice when going out. I now can go home by various ways from the college in place of just only one way to minimize the cost like a year ago. But the amount of money I have to pay before and after the decrease in the oil price are not that significantly different. We all have to suffer the upward trend of other commodities' prices. 2) I appreciate your participation. Nonetheless, from my perspective, what is posted on the Guardian, a reliable non-scholar source is not always correct. I found some weak points in this article.You may think this piece of information "The Dow Jones industrial average dropped by 364 points, or 2.2%, to 16,151, and the Nasdaq composite dropped 159 points, or 3.4%, to 4,526" is supportive of the author's above idea that the oil price is keeping on falling down. But I see no connection between the decline in oil price and the stock, as a company's stock index is influenced by many factors, unless it's an oil company. 3) We have the same speculation for this point. I am afraid that the volume of fossil fuel worldwide has been tumbling courtesy of mass-producing, which triggered the oil price to fall drastically. And the bottom line is that human have to depend entirely on other alternative sources of energy such as solar power and wind power in the foreseeable future.
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Post by quynhphuongnguyen on Jan 24, 2016 17:17:26 GMT
1) I totally agree. It's really joyful each time buying petrol for our private vehicles, right? But most of other commodities' prices are not following the same trend as the oil price. Thus to me, the drop in petrol's price doesn't seem to have significant impacts on my daily activities. 2) To some extents, we have some ideas in common. You are right about the newspaper's reputation and the author's wording, which is relatively concise and easy to follow. Nevertheless, the article has a weak point that I can't get a hold of. The author listed names of companies in the US and China whose stock index are diminishing due to the fall in oil price, but I see no relation between oil price and the stock index of a company (unless it's an oil company). Maybe it's just coincidence. 3) You are right. I assert that after the oil price reaches its bottom line, it may sooner or later escalate as the fossil fuel sources on Earth are descending drastically since oil is mass-producing in 2015. And maybe we'll have to buy petrol with much higher price in 2017.
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Post by stevenlee192 on Jan 24, 2016 17:38:29 GMT
1) What are the impacts of the decrease in oil price on your daily lives?
The fall in oil price assuredly has some notable influences on people’s daily lives. On the one hand, it is beneficial for consumers since the decline in oil price has led to the decline in the price of many other products. For instance, with the petrol price reduced by approximately 1000 VND per liter as a direct result from the decreased oil price, people can save money on running their private vehicles. In addition, the carriage can be reduced slightly or remained stable because transport companies pay less to refill their fuel tanks. On the other hand, the decrease in oil price can cause some negative effects in the long term. The decreased oil price may lead to lower profit in oil industry which makes great contribution to state budget of Vietnam. Therefore, the economic prosperity and the living standard may be affected. In conclusion, people’s lives are influenced both positively and negatively by the slump in oil price.
2) What’s your opinion about the credibility of the information provided in the article?
From my perspective, the information provided in the article is considerably trustworthy. Firstly, this article is featured in the online edition of The Guardian, a British national daily newspaper which is among the most reliable sources of news not only in the UK but all over the world. As far as I am concerned, its website was the fifth most widely read in the world as of October 2014, with over 42.6 million readers (Wikipedia). In addition, its authors are renowned reporters whose basic information is easy to get access to on theguardian.com as well as on the Internet. Furthermore, in this article, a multitude of statistics as well as opinions of well-known economists is provided to readers in an objective tone with the use of concise language. Last but not least, the data is certainly up-to-date as the article was published in January 13th, 2016. All in all, it is obvious that the article issues readers with credible information.
3) From your perspective, how will the oil price fluctuate in the next two years?
It is hard to give any forecast about the oil price since it depends on both the supply of oil and demand for oil. However, in my opinion, oil price will continue its downward trend in the next two years. On the demand side, the fall in oil price is a result from the slowdown in China economy, the world’s second largest economy. Because China constitutes a large share in the worldwide demand for oil, there is every likelihood that a further decline in oil price will arise from its slower economic growth. Furthermore, the depreciation of the Chinese currency unit and the rising debts level in the country have been adding to the insecurities of investors all over the world. On the supply side, as Iran prepares to ramp up its oil export business ahead of economic sanctions being lifted, its biggest regional rival, Saudi Arabia is determined to keep the price low by increasing oil production thus to oversaturate the market (http://www.ibtimes.com/oil-prices-2016-saudi-arabia-iran-rivalry-fuels-grim-outlook-amid-slow-china-economy-2243060). In addition, thanks in part to OPEC, a group of oil-producing countries which has let its members independently control their respective output, the oil price continues to trade well below last year's rates. In conclusion, oil industry seems to experience torrid upcoming years in terms of price.
1.What are the impacts of decrease in oil price on your daily lives? The recent decrease in oil price is apparently a good news to many Vietnam’s citizens. However, it does not have any significant impacts on my daily lives since electric bycicle is my primary mean of transport. Although oil price has never really been one of my concerns, it might pose a thread of economic deterioration in the long term because crude oil exports account for a considerable amount of Vietnam’s sate budget. In addition, the rise in price of oil can also stimulate local oil consumption and production, which will probably highten the issue of severe environmental contaminaton that our contry has been long-term dealing with. 2. What’s your opinion about the credibilty of the information provided in the article? This article is featured in a highly prestigious newspaper named The Guardian. This is a British national daily newspaper (Wikipedia) which has gained its credibility among worldwide readers since 1959. It was also nominated as “newspaper of the year” at the 2014 British Press Awards. Furthermore, this article has recently been published in Wednesday 13 January 2016, so all figures provided are still valid. Lastly, the two authors are from two different countries which are England and America. This fact once again guarantees the trusworthiness of the provided article. 3. From your perspective, how will oil price fluctuate in the next year? It is hard to imagine the future scenerio of oil price due to its unforseen change during the past. However, according to the global situation between 2014 and 2016, I do believe that there will be a great plunge in the price of oil in the near future. Additionally, there is a likelihood that ISIS will continue to seize control over Irag and Syria . Together with global economic crisis and the unsustainable growth in the amount of oil stockpiles, the power of ISIS over the two largest oil industries ( Irag and Syria) might result in an unexpected decrease in the price of oil. Thank you Linh for such detailed answers to the questions given. I am in consummate accord with your opinions. With in the first question, you did not hit the bull's eye as you did not mention any effects of the decrease in oil price on your personal life. We expected you to answer about your own life, not people in general. Thank you once again for your participation.
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Post by thanhhale on Jan 24, 2016 17:40:48 GMT
1) What are the impacts of the decrease in oil price on your daily lives?
It is indisputable that oil plays a pivotal role in manufacture and transportation. Consequently, the decline in oil price will have a direct influence on the global economy as well as every citizen's life. As a matter of fact, the drop in oil cost results in lower petrol price. The cost of living, therefore, will be reduced. The most obvious example is travelling expenses. According to some of my friends who travel by motorbike, the decrease in petrol price enables them to save a handsome amount of money. However, as I go by electric bicycle, the petrol price does not have a significant impact on my living expenses. I hardly see any changes in the coach and taxi fares. In addition, the price of the goods has undergone a slight reduction. Therefore, no matter how considerably the oil price falls, it seems to make no difference to my daily life.
2) What is your opinion about the credibility of the information provided in the article?
From my own viewpoint, the information in this article is relatively trustworthy for some following reasons. Firstly, this article is retrieved from the online edition of The Guardian-a British national daily newspaper. As far as I am concerned, its online edition was the fifth most viewed in the world in 2014 with over 42.6 million readers. Secondly, the authors are renowned reporters. To be specific, Rupert Neate was short-listed for the reporter of the year at the 2012 Press Awards and the British Journalism Awards while Phillip Inman is economics correspondent of the Guardian and Observer. Thirdly, the article are well supported by opinions of leading economists in addition to a multitude of numeral data. The source of reference is also documented properly at the end of the article. Last but not least, the information is undoubtedly up to the minute as the article was published on January 13th, 2016.
3) From your perspective, how will oil price fluctuate in the next 2 years?
It seems to be hard to make any anticipation about the oil price due to the fact that it depends on the supply and demand. However, taking the current situation into consideration, the oil price may stand a high chance of continuing its downward trend in the near future. US domestic oil production has nearly doubled over the last few years, which may make this nation become a threat to the biggest oil-producing countries over the world. Arab Saudi, Nigeria and Algeria oil that was once sold in the US is suddenly competing for the Asian markets. Russia, despite its economic difficulties, manage to keep pumping. Intense competition has compelled oil-exporting countries to keep dropping oil price while the demand for oil in European and developing countries tends to go down owing to high inflation and weak economy development. Moreover, the inability of OPEC in intervening to stabilize the oil market will make the matter worse. It can take such a long time for these issues to be tackled so a recovery of oil price in the next 2 years is implausible.
We have the same thought about the oil price fluctuation. I am impressed by your idea organization as well as your indept knowledge. I can hardly find out a hole on your argument. Very persuasive. I appreciate your participant.
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