Figure: Oil prices over
+8v9oos y3kt vtime / 2014 $US barrel
-1
Oil is a natural resource. Suggest a possible reason for the change in its value from 2000 to 2014.
I.
Conflict in the Middle East threatened a major supply of global oil.
II.
More people were driving cars in countries like China and India, driving up demand for oil and therefore allowing increased prices.
III.
Oil supplies are running out and becoming rare, causing prices to drastically increase.
IV.
Governments are becoming more strict on regulations for processing oil, making the process much more expensive.