Alex Wilson and James Lawrence are discussing the high price of crude oil in the global market. Alex, a sociology professor who follows the financial markets closely, claims that the volume of trade in oil futures has increased indicating that speculators are responsible for the high oil prices. James, who works at an investment bank, thinks that the increase in oil prices isdemand-driven. According to him, the higher price of oil reflects growing demand from developing countries.
Which of the following, if true, would weaken James' argument?
A. A private oil drilling firm has recently discovered vast oil deposits off the coast of a remote island country.
B. Developing countries are using less oil because of substantial investments in renewable energy.
C. Per capita consumption of oil was higher in the developed countries than in the developing countries during the last year.
D. An increase in oil prices tends to accelerate inflation in growing economies.
E. Following a large oil spill, some countries have introduced new regulations for offshore oil drilling.
