Price Of Petroleum
Products that use petroleum surround consumer’s everyday. Take a look around: The paint on the wall, the slippers you wear to keep your feet warm, the toothpaste you use to get that smile looking vibrant, the diapers babies wear, the cigarettes you may or may not smoke, the asphalt that you drive on everyday to get to your intended destination, the pills you take for your ailments and the lipstick women wear everyday; these all contain petroleum-based ingredients. “About one million bbl. a day---roughly 5% if U.S. consumption- go toward the manufacture of plastics, detergents and other non-fuel products.” “Researchers are working on cheaper, eco- friendlier alternatives to oil-derived ingredients but with the prevalence of petroleum that is a big challenge” (Myers). Even though this is a macroeconomic issue dealing with OPEC and our vast economy, it has an effect on a microeconomic scale. The soaring oil prices are affecting consumer’s decisions to carry on with every......
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