High Pump Prices: Oil Demand and Supply Factors

Essay specific features

 

Issue:

Business

 

Written by:

Gerri D

 

Date added:

February 19, 2015

 

Level:

University

 

Grade:

A

 

No of pages / words:

3 / 666

 

Was viewed:

7572 times

 

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Essay content:

This high demand usually translates into higher gasoline prices, although that's not always the case. Price increases generally occur when the world crude-oil market limits their production. United States depends heavily on foreign oil supplies. The largest entity impacting the world's oil supplies is the Organization of the Petroleum Exporting Countries (OPEC) which constitutes of eleven nations...
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OPEC is responsible for 40 percent of the world's oil production and hold two-thirds of the world's oil reserves. When OPEC wants to raise the gas prices it simply reduces the production. The short supply and the possibility of future reductions cause the prices to jump up. Several other countries including the United States, also contribute to the world's crude-oil supplies...
displayed 300 characters

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