Which of the following has NOT been a result of petroleum shortages?
A)the creation of huge amounts of wealth for oil-producing countries such as Norway and Saudi Arabia
B)the inability of oil-producing nations to service foreign debts when prices go up
C)the capacity for some countries such as Mexico and Venezuela to borrow heavily against oil reserves to develop more rapidly
D)inflation in oil-dependent nations and transfer of wealth to oil-producing nations

Question

Quizplus · Accepted Answer

The inability of oil-producing nations to service foreign debts typically occurs when oil prices are low, not when they go up. Higher oil prices generally increase the revenue for oil-producing countries, making it easier for them to service their debts.

Which of the Following Has NOT Been a Result of Petroleum