scroll to top
Stuck on your essay?
Get ideas from this essay and see how your work stacks up
Word Count: 1,440
Why Do Gas Prices Change When thinking of modern technology it is hard to think of anything that does not require some type of oil to power it As a society we are completely dependent on oil Oil was formed millions of years from the remains of animals and plants in a marine environment Layers of mud covered the remains while heat and pressure helped turn the remains into crude oil or petroleum The word petroleum means rock oil or oil from the earth The worlds top 5 petroleum-producing countries are Saudi Arabia the United States Russia Iran and China After the crude oil is removed from the ground it is sent to be refined into petroleum products One refined barrel of crude oil produces 194 gallons of motor gasoline Because crude oil is the largest non-tax cost component of a gallon of gasoline the price of gasoline is determined largely by the demand and supply of crude oil worldwide Anyone who has driven a car knows the frustration of fluctuating and high gas prices One day gas is cheap and the next day it shoots up by 5 cents The cost to produce and deliver gasoline to consumers includes the cost of crude oil to refiners refinery processing costs marketing and distribution costs and finally the retail station costs and taxes The prices paid by consumers at the pump reflect these costs as well as the profits and sometimes losses of refiners marketers distributors and retail station owners With gas prices reaching as high 167 a gallon in San Francisco during the last week of April one cant help but wonder what makes gas prices change The same factors that make many prices change supply and demand Organization of Petroleum Exporting Countries OPEC was set up to bring stability and harmony to the oil market by adjusting their oil output to help ensure a balance between supply and demand If all the countries
@Kibin is a lifesaver for my essay right now!!
- Sandra Slivka, student @ UC Berkeley
Wow, this is the best essay help I've ever received!
- Camvu Pham, student @ U of M
If I'd known about @Kibin in college, I would have gotten much more sleep
- Jen Soust, alumni @ UCLA