Problems arising around gas prices and control for the oil market are increasing every day, and are only leading to more losses for all consumers in today’s global gas market. This being an issue we all face most firsthand, we chose to research the changes of the oil market and their implications on the prices of gasoline as we head into the 21st century. Gas prices have skyrocketed over the past 30 years increasing at almost 400% from the 1979 price of $0.80 per gallon to the over $3.00 gallon gas we all pay today in the U.S. , while many European countries have gone through the same problems. Increase in prices can be attributed to the growing oil industry of the world as large companies such as Gazprom, in Russia, and OPEC, in the Middle East, gain more and more control of the world oil market and continue to raise prices per barrel of crude oil. The world on average consumes about 30 billion barrels of oil a year with the U.S. consuming 24% of the market. The United States......
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Approximate Word Count: 469
Approximate Pages: 2 (260 words per double-spaced page) |