•3:31 PM
You may find it a guilty pleasure to get a sneaky grin in your face whenever you read the news and find that gas prices in some parts of America are higher than what they are in your area. But you probably won't be grinning if you read to the bottom of the article and found out that gas in Venezuela is less than a quarter per gallon.
Odds are you never thought gas could be so cheap anywhere in the world. Just think how wonderful it would feel to give a hundred dollars at the pump and still get change. Crude oil costs, unfortunately, are the scapegoat for most governments when it comes to high gas prices.
In short, this would be the price per barrel under OPEC control. As with any monopoly, when you control most of the supply, you get to control the prices. To drive up the price even more, OPEC sets "output restrictions" which means they decide to produce less as a way to force the prices up to whatever level they want.
Think of it as asking your boss to sign your own paycheck after you've written it. The oil situation here in America can be described as a war between breathing clean air and driving. Most oil price increases are blamed on EPA Tier 2 regulations - a convenient scapegoat for most oil companies.
These new regulations, however, are designed to improve the state of our environment. As a result, it becomes a tug-o-war between breathing fresh air and driving a vehicle. Do we care more about breathing or driving? Another factor that has hindered oil production are recent natural disasters, such as Hurricane Katrina and other powerful storms that have hit America. No matter how you look at it, refineries are working at a slower pace now.
No matter where you live in the world, gas demand is rising. And we're not just talking about the USA. Some Asian countries, primarily India and China, are among the world's top gas consumers. The market is now more challenging than ever with these new entries to the gas race, as the OPEC struggles to accommodate each and every one of them.
Some oil producing countries aren't under OPEC control, but are subject to internal problems. These countries have had their histories of political turmoil, and these unexpected situations can sometimes cripple oil production and exporting.
Like any commodity, gas prices are driven by the supply and demand ratio. When demand is great and supply is smaller, prices increase. Since OPEC can control a substantial portion of the world's oil supply, they have the ability to work this ratio to their benefit.
However, you have a choice, as you can always do your part to reduce gas demand. Many people are starting to do this due to the rising prices. One way to satisfy the demand for gas would be by using alternative fuel instead of the usual gas we purchase at the station.
Alternative fuels aren't anything new to Americans around in the '70s, when the OPEC's "reign of terror" on the oil industry began in earnest. The idea died a natural death when oil prices became reasonable and the oil crisis became less of a concern.
With the OPEC raising prices and monopolizing the oil industry, the need for alternative fuels is becoming real again. Alternative fuel made from corn or other agricultural products not only can reduce fuel prices but also provides a new market for America's farmers. With alternative fuels, farmers could become the new OPEC, providing fuel to an increasing world market.
Odds are you never thought gas could be so cheap anywhere in the world. Just think how wonderful it would feel to give a hundred dollars at the pump and still get change. Crude oil costs, unfortunately, are the scapegoat for most governments when it comes to high gas prices.
In short, this would be the price per barrel under OPEC control. As with any monopoly, when you control most of the supply, you get to control the prices. To drive up the price even more, OPEC sets "output restrictions" which means they decide to produce less as a way to force the prices up to whatever level they want.
Think of it as asking your boss to sign your own paycheck after you've written it. The oil situation here in America can be described as a war between breathing clean air and driving. Most oil price increases are blamed on EPA Tier 2 regulations - a convenient scapegoat for most oil companies.
These new regulations, however, are designed to improve the state of our environment. As a result, it becomes a tug-o-war between breathing fresh air and driving a vehicle. Do we care more about breathing or driving? Another factor that has hindered oil production are recent natural disasters, such as Hurricane Katrina and other powerful storms that have hit America. No matter how you look at it, refineries are working at a slower pace now.
No matter where you live in the world, gas demand is rising. And we're not just talking about the USA. Some Asian countries, primarily India and China, are among the world's top gas consumers. The market is now more challenging than ever with these new entries to the gas race, as the OPEC struggles to accommodate each and every one of them.
Some oil producing countries aren't under OPEC control, but are subject to internal problems. These countries have had their histories of political turmoil, and these unexpected situations can sometimes cripple oil production and exporting.
Like any commodity, gas prices are driven by the supply and demand ratio. When demand is great and supply is smaller, prices increase. Since OPEC can control a substantial portion of the world's oil supply, they have the ability to work this ratio to their benefit.
However, you have a choice, as you can always do your part to reduce gas demand. Many people are starting to do this due to the rising prices. One way to satisfy the demand for gas would be by using alternative fuel instead of the usual gas we purchase at the station.
Alternative fuels aren't anything new to Americans around in the '70s, when the OPEC's "reign of terror" on the oil industry began in earnest. The idea died a natural death when oil prices became reasonable and the oil crisis became less of a concern.
With the OPEC raising prices and monopolizing the oil industry, the need for alternative fuels is becoming real again. Alternative fuel made from corn or other agricultural products not only can reduce fuel prices but also provides a new market for America's farmers. With alternative fuels, farmers could become the new OPEC, providing fuel to an increasing world market.
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