Expectations are that China and India may use less oil in the next year. This will decrease the market price of oil.
Between 2003 and 2008, economies, such as those of China and India, contributed to an increase in oil prices. Hamilton (2009a, 2009b) further showed that the 2008 oil price increases were brought on by China's strong demand competing with the declining global oil production.
The region's animal and fish populations as well as human populations can be affected by oil extraction and/or transportation. The surrounding wildlife and habitat suffer greatly as a result of oil waste dumping, production pollution, and spills. Ecosystems on land and in the ocean may be harmed by oil exploration and drilling.
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