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(i) The countries have experienced low economic growth leading to general poverty among the citizens.
(ii) It has led to the need to look for cheaper sources of energy to supplement the oil.
(iii) It has created an awareness on the need to conserve energy.
(iv) The countries that have oil potential have started exploring the possibilities of drilling their own oil to reduce or stop importation.
(v) The countries spend more of their foreign exchange on importation of oil, thus negatively affecting other sectors of their economies.
(vi) There has been increasing cost of transport causing a rise in the cost of movement of both people, goods and services.
(vii) Production costs have increased leading to an increase in prices of commodities thus reducing the demand on the commodities.
(viii) Some industries relying on by-products of petroleum have collapsed leading to redundancy and unemployment.
maurice.mutuku answered the question on June 21, 2017 at 05:53
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