In 2007, oil was in short supply worldwide. The diagram illustrates oil consumption and production (billion tonnes) in 2007 for selected countries. What conclusion can be drawn from the diagram?
- AIn Britain, oil had zero opportunity cost.
- BIn Japan, there was self-sufficiency in oil.
- CIn Russia, there was no shortage of oil.
- DIn the United States, rationing was the only solution to oil shortage.