Price of oil

The price of oil, or the oil price, generally refers to the spot price of a barrel of benchmark crude oil. The price of a barrel of oil is highly dependent on both its grade, determined by factors such as its specific gravity or API and its sulphur content, and its location.

As with all commodities, the oil price is determined by the balance between supply and demand. The supply of oil is dependent on geological discovery, the legal and tax framework for oil extraction, the cost of extraction, the availability and cost of technology for extraction, and the political situation in oil-producing countries. Both domestic political instability in oil producing countries and conflicts with other countries can destabilise the oil price. For example, the Iranian Revolution of 1979 led to a jump in oil prices.

The demand for oil is dependent on global macroeconomic conditions. According to the International Energy Agency, high oil prices generally have a large negative impact on global economic growth.

Robert Kiyosaki

Robert Toru Kiyosaki (born April 8, 1947) is an American businessman, investor, self-help author, educator, motivational speaker, financial literacy activist, financial commentator, and radio personality. Kiyosaki is the founder of the Rich Dad Company, a private financial education company that provides personal financial and business education to people through books, games, seminars, blogs, coaching, and workshops. He is also the creator of the Cashflow board and software games to educate adults and children business and financial concepts.

A seminal entrepreneur, Kiyosaki found international fame self-publishing the best-selling personal finance classic Rich Dad Poor Dad and has made millions establishing financial literacy programs to help others achieve financial independence. The author of more than 26 books, including the international personal finance blockbuster classic Rich Dad Poor Dad series of books which has been translated into 51 languages, available in 109 countries and have combined sales of over 27 million copies sold worldwide. Three of his books, Rich Dad Poor Dad, Rich Dad's Cashflow Quadrant, and Rich Dad's Guide to Investing, have been on number one on the top 10 best-seller lists simultaneously on Publishers Weekly, Business Week, The Wall Street Journal, USA Today and the New York Times. In 2005, he was inducted into the Amazon.com Hall of Fame as one of that bookseller’s top 25 authors.