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Price of oil has a major influence on the world economy. Its increase has a role in the world economy decline. In short term, the oil price increase results in the fall of the GNP in the oil importing countries that lack oil resources. Nevertheless, subsequently the oil importing industrial countries offset the increased oil prices by upgrading the cost of their services and by implementing monetary policies.
Therefore, only the developing countries are to suffer from the oil price increase and hence, the gap between the industrialized and poor countries would continue to widen.