Oil Prices Go Up Because of Middle East Problems
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The price of oil went up this week. Oil now costs one hundred five dollars for each barrel. People are worried about problems in the Middle East. They think the problems will not stop soon.
Why Did Oil Get More Expensive?
Oil prices go up when people think there will be less oil. Right now, people worry about Iran and Israel. They think a war may happen. A war could stop oil from other countries. This makes oil cost more money.
What Does This Mean for People?
When oil costs more, other things cost more too. Gas for cars costs more. Heat for homes costs more. Food costs more because trucks use gas. People have less money to spend on other things.
What About Borrowing Money?
Banks give money to people. This is called a loan. When oil prices go up, the cost of loans goes up too. A loan for a car costs more. A loan for a house costs more.
What Happens Now?
People are waiting to see what happens next. If there is no war, oil prices may go down. If there is a war, oil prices may stay high. Everyone hopes the problem will end soon.
Discussion Questions
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