Infographic: How oil prices affect everything
“The Fossil Fuel Economy; How oil prices affect everything” is the title of an infographic, sent to Offshore Energy Today by Vouchercloud.
Vouchercloud carried out a research to investigate how the price of oil has had a huge effect on the global economy and how it impacts our lives in general.
The results uncovered some fascinating facts in the event of oil price fluctuation.
Cheaper oil – Safer sex?
For example, the impact of oil prices meant average car insurance premiums increased by 2% in the final quarter of 2014, which was the first quarterly increase since 2011.
The research showed that the fluctuating oil prices meant that Americans on average saved $1,100 per household when the oil prices decreased by 57% in a year.
The graphic also explores whether cheaper oil encourages more people to buy a new car and how the tourism industry gets affected by oil prices.
“We also found some more unusual truths, such as reductions in crude oil prices could drop the price of synthetic condoms, therefore increasing the potential of safe sex,” Vouchercloud has revealed.
The condoms case might not be true for Venezuela where, according to Bloomberg, at $755 for a pack of Trojans, “condoms are hard to find and nearly impossible to afford.”
But the infographic points to that problem too by saying that consumers in oil exporting countries – such as Venezuela – are facing tough times. The research shows that consumers in developed oil-importing countries seem to be reaping the benefits.
We don’t want to reveal too much so, please scroll down for more.