I’m writing this response to the article titled “Wall Street Opens Lower as Oil Rises, Inflation Remains Elevated”, in the Bluefield Daily Telegraph published on March 10, 2022. With more oil production, this makes us less reliable on imports. Falling oil and manufactured product prices continue to benefit from this; most consumers of oil inflation rates have cheaper gas prices and travel. This affects the travel total, as many citizens limit their travels to save their finances.
However, a report on consumer prices and inflation in the United States hit another 40-year high last month, but that does not reflect the huge rise in energy prices since the invasion of Ukraine by Russia. With the ongoing war in Ukraine, many countries are reluctant to get involved and have limited themselves to imports necessary for their country. Naturally, this global conflict affects not only the countries concerned, but also countries around the world.
This has a negative effect on society and increases the prices of basic needs. Globalization: This term comes from sociology because globalization structures the economy and determines the prices of oil and gas. Globalization also relates to sociology by affecting the social aspects of society and their beliefs about the current situation and events as global issues and events occur.