Escalating Oil Prices and the Global Economy Free Essay, Term Paper and Book Report
The price of gasoline is a major interest to almost everyone in the country and almost everywhere in the world. It seems lately that gas prices are increasing every weekend, never staying stable. Gasoline prices are affected by many factors, including the price of crude oil in the world market, supply and demand for gasoline, local market competition, temporary supply interruptions, government regulations, or taxes.
Gasoline is produced by a distillation process where crude oil is heated and fumes are captured and converted into many products such as gasoline, diesel, jet fuel, motor oil, greases and chemical feed stocks. Therefore the price of crude oil, which is extracted from oil wells beneath the earths surface, is a major factor in gas prices.
The five leading oil-producing countries and their approximate shares of the world supply of oil are: Soviet Union 21%, Saudi Arabia 17%, The United States 15%, Venezuela 4%, and Mexico 4%. These five countries made up 61 % of the worlds oil production back in 1980. Even though the United States is a major producer of oil, it doe......
Word Count: 1841
Page Count: 7.3 (250 words a page / double spaced)
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