High Pump Prices: Oil Demand And Supply Factors
High Pump Prices: Oil Demand and Supply Factors
Gasoline is the bloodline that keeps our country moving. We are all affected by the rising gas prices in today's economy. Numerous factors can influence the price of gas at the pump. The United States consumes approximately on an average of 20 million barrels of oil per day, from which, 45 percent is used for motor gasoline. 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. 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......
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