Love it or loath it, the global petroleum market is always in the news. Whether it’s OPEC dictating output or governments imposing new tax regulations, such topics are always likely to cause great debate amongst economists and the general public alike. IE Business School’s World Oil Prices game brings this discussion to the classroom – through the use of basic economics – the Supply and Demand model.
The game is made up of 15 real events, some dating back to the early 70s. The idea is to study the event in question and to think about how this event affects the supply of oil on the world market, its demand, or even both. By applying supply and demand theory economics correctly, through the use of an interactive graph, you should be able to predict whether each event has a positive or negative effect on the price of oil.
What effects did the Iranian revolution in 1979 have on oil prices? Or the hurricanes that caused havoc across the Gulf of Mexico in 2005? Play the game to find out! World Oil Prices can be accessed by visiting the following link and is adapted for both CPU’s and mobile devices.
This is only one of a great number of interactive resources; visit the IE multimedia documentation catalogue to experience more.