The price of gasoline is a major interest to almost everyone in the country and almost
everywhere in the world. It seems that every month or even more frequently, gas prices
are either rising or dropping but never staying stable. Gasoline prices are affected by
many factors, including the price of crude oil in the world market, supply and demand for
gasoline, local market competition, temporary supply interruptions, government
regulations, or taxes. Gasoline is produced by a distillation process where crude oil is
heated and fumes are captured and converted into many products such as kerosene, jet
fuel, and gasoline to name a few. Therefore the price of crude oil, which is extracted
from oil wells beneath the earth’s surface, is a major factor in gas prices. The five
leading oil producing countries and their approximate shares of the world supply of oil
are: Soviet Union 21%, Saudi Arabia 17%, The United States 15%, Venezuela 4%, and
Mexico 4%. These five countries made......
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