Modern societies use it mainly to achieve a degree of mobility on land, at sea, and in the air. In addition, oil and its by-products are used in the manufacture of medicines and fertilizers, foodstuffs, plastics, building materials, paints, cloth, to generate electricity, and most importantly gasoline... displayed 300 characters
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OPEC was originally established in 1960 in response to a unilateral decision of oil companies to reduce prices of oil. The founding members of OPEC are: Iran, Iraq, Kuwait, Saudi Arabia, and Venezula. Today OPEC is made of Algeria, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates and Venezuela (Organization of Petroleum 1)... displayed next 300 characters
One good example would be Hurricane Katrina. The production rates went down and therefore caused a gasoline price hike. Another event that has affected the gasoline prices is the war that our country is currently in...
However; gasoline prices would have to increase by a large amount to reduce the quantity of consumers' purchase, and still, this would cause a relatively small decrease in the demand of gasoline by consumers...
We will discuss who controls the crude-oil market later. Also, growing demand can sometimes outpace refinery capacity. In the spring, refineries perform maintenance, which can place a pinch on the gasoline market...
This is good because with having a surplus available then it allows prices to go down to those who are not able to buy those types of vehicles. However if the demand for the gasoline goes up due to changes in income or the access to the resources are declining then it can only be assumed that the prices are going to be hiked up for a period of time until equilibrium is brought back...
It is not fair to try to justify the increase in gas prices by pointing the finger at the cost of oil. If the supply and demand can not be leveled out, more efficient ways need to be developed to make up for the limited supply...
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