Changing oil supply and prices
Lesson details
Learning outcome
I can explain how changing international relations and economic factors can affect oil supply and oil prices.
Key learning points
- Oil production and the price of oil change over time.
- Political factors, such as conflicts and changing diplomatic relations, affect oil supply and oil prices.
- Economic factors, such as recessions and booms and under and over supply, affect oil supply and oil prices.
Keywords
Supply - the amount of something (e.g. oil) that is available to buy
Demand - how much of something (e.g. oil) that people want to buy
Diplomatic relations - how well (or badly) countries get along with each other, which can affect trading relationships of supply and demand
Recession - a period when economies stop growing temporarily and people spend less
Common misconception
If demand for oil decreases then oil prices will always decrease too.
Although oil prices may decrease if demand decreases, oil-producing countries can increase the price of oil by reducing the amount of oil they supply. This requires oil-producing countries to work together to reduce supply.
Teacher tip
Practising interpreting oil price and oil production data is a very useful skill for students to develop, and can usually be linked to current news events.
Content guidance
Depiction or discussion of violence or suffering
Supervision
Adult supervision recommended
Licence
Lesson video
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Prior knowledge starter quiz
6 Questions
Q1.What is non-renewable energy?
Q2.Which of these is a renewable energy source?
Q3.What does recyclable energy mean?
Q4.Which of these is an example of recyclable energy?
Q5.What is a key environmental impact of energy extraction?
Q6.Which energy source is most likely to release carbon emissions when used?
Assessment exit quiz
4 Questions
Q1.What does the word 'supply' mean in relation to oil?
Q2.How can a recession affect oil demand?
Q3.Why is it incorrect to assume that if demand falls, oil prices always fall too?
Q4.What is one way countries influence oil prices?
To help you plan your 11 geography lesson on: Changing oil supply and prices, download all teaching resources for free and adapt to suit your pupils' needs...
To help you plan your 11 geography lesson on: Changing oil supply and prices, download all teaching resources for free and adapt to suit your pupils' needs.
The starter quiz will activate and check your pupils' prior knowledge, with versions available both with and without answers in PDF format.
We use learning cycles to break down learning into key concepts or ideas linked to the learning outcome. Each learning cycle features explanations with checks for understanding and practice tasks with feedback. All of this is found in our slide decks, ready for you to download and edit. The practice tasks are also available as printable worksheets and some lessons have additional materials with extra material you might need for teaching the lesson.
The assessment exit quiz will test your pupils' understanding of the key learning points.
Our video is a tool for planning, showing how other teachers might teach the lesson, offering helpful tips, modelled explanations and inspiration for your own delivery in the classroom. Plus, you can set it as homework or revision for pupils and keep their learning on track by sharing an online pupil version of this lesson.
Explore more key stage 4 geography lessons from the Energy unit, dive into the full secondary geography curriculum, or learn more about lesson planning.