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Word Count: 845
The oil industries have been a major issue in the world market economy it has been a distressing factor for many years In the 1970s 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 thats 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 increases in output El Universal newspaper reported Rodriguez also said world oil inventories now stand at about eighty days and could rise to eighty-seven days within a short time OPEC has an informal agreement to raise output by five hundred thousand barrels a day or two percent if the groups oil benchmark holds twenty-eight dollars for twenty consecutive days Speculation is another factor that fluctuates prices because the diesel demand rises in the fall season due to holiday and harvesting seasons since this is the time of the year when shipping and handling takes place the most Coming right next to it is the heating season in the wintertime which uses a high level of natural gas Expectations
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