One more reason not to lose sleep over the rise in oil prices is that, unlike the rises in the 1970s, it has not occurred against the background of general commodity-price inflation and global excess demand. A sizable portion of the world is only just emerging from economic decline. The Economists commodity price index is broadly unchanging from a year ago. In 1973 commodity prices jumped by 70%, and in 1979 by almost 30%.

　　1. The main reason for the rise of oil price was ____________.

　　A. global inflation

　　B. reduction in supply

　　C. fast growth in economy

　　D. Iraqs suspension of exports

　　2. It can be inferred from the text that the retail price of petrol will go up dramatically if ____________.

　　A. price of crude rises

　　B. commodity prices rise

　　C. consumption rises

　　D. oil taxes rise

　　3. The estimates in Economic Outlook show that in rich countries ____________.

　　A. heavy industry becomes more energy-intensive

　　B. income loss mainly resulted from fluctuating crude oil prices

　　C. manufacturing industry has been seriously squeezed

　　D. oil price changes have no significant impact on GDP

　　4. We can draw a conclusion from the text that ____________.

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