What is the impact of rising oil prices on the economy?

1. The rising oil price has increased the cost of petrochemical industry. As a big oil user, if there is no state subsidy or people's living standards are generally improved, the rise in oil prices will eventually increase the burden on consumers. If the state subsidies, of course, the burden of the state is heavy, Brazil will need state subsidies.

2. Rising oil price will definitely increase the wealth of oil exporting countries. If importing countries are very dependent on oil, the clean energy industry will be depressed, which will definitely have a negative impact on the economy of importing countries.

3. The rising oil price guides the consumption direction, which is conducive to the development of new energy and the utilization of clean energy.

4. Drive other industries to raise prices, such as global food prices, because many developed countries in the west have turned to bioenergy such as corn. Although oil consumption has decreased, grain exports have decreased, and the United States is the largest producer and exporter of commodity grain in the world.