The most likely reason that oil prices spiked

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Reference no: EM13732598

The most likely reason that oil prices spiked during 2007-2008 was because

a. suppliers drastically cut back on production

b. speculators heavily invested in the futures market

c. there was an increase in demand due to an increase in usage

d. there was an increase in demand as buyers began to hoard oil for future use

e. suppliers increased their production to match the increase in demand

Reference no: EM13732598

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