Mankind
The oil industries have been a major issue in the world market economy; it has been a distressing factor for many years. In the 1970's members of the Organization of Petroleum Exporting Countries (OPEC) decided to raise the world price of oil in order to increase their incomes. Recently oil prices in various energy goods like gasoline, diesel fuel, and heating oil have boosted tremendously throughout the country. OPEC is responsible for regulating production quotas, but still the production rate increases.There are some factors that drive the energy prices to increase such as supply and demand. Many people demand a high volume of oil within the United States, but that's a problem since inventory levels are low. As an immediate consequence oil prices rise and this causes the consumer consumption level to decline. In the past weeks oil inventories have decreased, their level has gone down twenty percent from where it stood a year ago. With summer driving season coming to an end, and take the pressure off the gasoline producers. This allows the inventory level to increase and price reduction. OPEC President Ali Rodriguez said rising oil inventories could lead to a drop in prices next year, and cautioned against large in
In order for it to be a stable price on oil products, us as consumers should regulate our spending in order to have a stable economy. Us as consumers shall follow the factors mentioned in order to keep prices reasonable. Natural disasters such as hurricanes play a big role in the production level. Analysts fear that such disasters might have a negative impact on the economy. Places like the Caribbean, and Gulf Coast whenever they face the hurricane season have decreased the production of oil in previous years. This is important to the consumers since there's places in the Caribbean like St. Croix Island that produces five hundred thousand barrels of petroleum each day. High oil prices are the result of market speculation, high taxes in consuming countries and refinery problems, as well as strong demand amid growing economies, Rodriguez said, according to the report. "We have to focus on inventories because experience has taught us that it stocks rise above eighty-two days of supply it will cause a price fall, because speculators are watching these supplies just as closely as we are," he was quoted as saying. A decision to raise output may be triggered by OPEC's price mechanism, an informal agreement to raise output quotas by five hundred thousand barrels a day, if it's price benchm
Some common words found in the essay are:
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Approximate Word count = 876
Approximate Pages = 4 (250 words per page double spaced)
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