Oil & Gas Research
Open Access

Research Article

Influence of Oil Price on Economic Growth

Tashkent Financial Institute, Tashkent, Uzbekistan

*Corresponding Author:

Abulkasimov Murod
Associate Professor, Tashkent Financial Institute
Tashkent, Uzbekistan
Tel: 998971566362
E-mail: murodjons_leo@mail.ru

Received Date: July 20, 2016; Accepted Date: July 23, 2016; Published Date: July 29, 2016

Citation: Murod A (2016) Influence of Oil Price on Economic Growth. Oil Gas Res 2:116. doi: 10.4172/2472-0518.1000116

Copyright: © 2016 Murod A. This is an open-access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.

Nowadays, oil is one of the most widely used crude in industry. About 6000 kinds of products and goods are made from oil. The first thing that comes to people’s mind is gasoline and plastics. Almost 70% of all engaged oil in the world is used for gasoline and other types of fuel. However, oil is also used in auto industry, household, medicine, electronics, sports and other fields. Taking into consideration that, energy is also made from oil, which is used in manufacture, almost all products or services have partially oil price in them. Oil provides almost 35% of electric energy in the USA according to EIA (U.S. Energy Information Administration), and about 20% in China. Despite the big attention to the renewable kind of energy, only 10% of all produced energy in the USA in 2014 came from renewable energy. In spite of the fact that the most used energy in the EU is nuclear energy, energy made by crude oil has 9.1% of share. The crude oil has an important place in world economy as energy, and goods. It influences the dynamics of world economy. Since oil price in 2014 has decreased from about 110$ to around 50$, the question is how it can influence the growth of world Economy.