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Modern Economics Q&A Essay

884 words - 4 pages

The gas prices as we know today keep rising due to many variables. It seems every year we all wonder why these prices go up for a while and then hit the lowest price per barrel that we have seen in a long time. I have been driving for about 25 years and remember when you could go and get gas for your car or truck for no more than $1.00 per gallon. Today we see the price per gallon change like the weather. During the winter months the barrels are cheaper and the summer they rise, which it return cost more at the pump.
The United States consumes about 20 million barrels of oil products per day (bbl/d), according to the Department of Energy [source: DOE]. Of that, almost half is used for motor gasoline. The rest is used for distillate fuel oil, jet fuel, residual fuel and other oils. Each barrel of oil contains 42 gallons (159 L), which yields 19 to 20 gallons (75 L) of gasoline. So, in the United States, something like 178 million gallons of gasoline is consumed every day. (Bonsor, 2009). With these figures and the issues we face today, it is prevalent to say that prices will go up and we as tax payers will suffer for someone else mistakes.
With all of the research I have looked at today, before too long the crude oil will be down and prices per gallon will decrease. Many investors believe the cost of gas will decrease by 15% by Memorial Day. This will help all travelers on vacation continue to save and not have to worry about added expense this summer. I believe within the next few years the price of oil per barrel will continue to increase due to the United States trade agreements and the continuing problems the oil refineries will face. This will overall increase our national average and the fuel will continue to inflate.

Exercise 2
Chapter 3 Question 15
The likely event that corn and oranges made was severe. I remember this happening and the prices of both went up due to the supply and demand for both. Today it has leveled out a bit since the farmers are now able to grow more corn and the weather has not affected the crops. Just like the Core Economics book states. A change in supply results in one or more of the determinants of supply; it causes the entire supply curve to shift. One thing that will not move is the change in quantity supplied. The only thing that will change this is the price of the product. In this case it changed all the way around.
On May 12, USDA released its first official supply-demand report for the 2007-08 marketing year which begins on September 1, 2007. Two surprises in the report were...

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