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Word Count: 838
During the early days of Stanford Oil 1910 gasoline did not have much of a demand It was a cheap product that was used as a remedy for those who had lice and used as a solvent for removing stains of clothes As a result gas was relatively inexpensive price inelastic and many of the oil companies would disperse them into rivers Fast forward to 2013 gas is one of the most expensive purchases consumers make for automobiles and other contraptions Many consumers rise the question What causes oil to either increase or decrease in price Several factors occur when dealing with the expenditure such as supply and demand wars recessions and deadly weather systems Hurricanes Tornados and etc Throughout this research I will further discuss how each of the factors plays a major component in the increase of priceHow often do Americans spend money on gas Well if we fill up our tanks on a weekly or biweekly basis we may spend between 100 to 200 or more on gas Gasoil is an important component of cars as we must deliver food to the car to run properly In a statistic related to the Department of Energy it says that the United States consumes a whopping 20 million barrels of oil products per day and about fifty percent of that is used for car gas Broken down further each barrel of oil contains forty-two gallons or 159 Liters which yields to nineteen to twenty gallons Finally this averages up to 178 million gallons of oil per day Holidays such as Memorial Day and Independence Day generate a greater increase in travel by people This intertwines with the concept of supply and demand which is one of the causes for price increase or decrease How does supply and demand affect oil prices First price is determined by the interaction of supply and demand There are two different laws The Law of Demand
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