...Rising Gas Prices: A Better and Cleaner Earth Essay 2 Embry Riddle Aeronautical University Professor Christine Hansen English 123 May 22, 2007 Abstract The cost of gas has rapidly increased in the recent years. But what most people do not realize is that rising gas prices is a good thing. Most people see gas prices as a thing to hate but in reality it leads to major innovations. Not just better cars but a better environment. The future automotive industry is fueled by the cost of gas. If gas prices stayed low no one would do anything to change and make the future better. Rising Gas Prices: A Better and Cleaner Earth Everyone fells the pain of rising gas prices, but what most people don’t see is the good side. The more gas cost the less people will want to use it. This will lead to better fuel economy, alternate means of travel and ultimately to alternative fuel sources. Rising gas prices will ultimately be one of the greatest environmental events in the history of the human race. Gas prices have been rising for several different reasons including government regulation, low supply from refineries and low supply of crude oil. Gas prices are increasing at an alarming rate; according to the Department of Energy (2007, May 14), the current national average is $3.10. The price has increased over 43% from 2005. The price of one barrel of crud is above $60. These rapid rises in gas prices have already caused changes to the minds of Americans. According...
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...Problem ` Rising gas prices has been a huge concern for most Americans over the last couple of years. It seems as though each weekly stop at the pump costs more and more each time. Most people just pay the price but never stop to think why these gas prices continue to rise. There are seven major factors that directly affect the price of gasoline. These factors are: supply and demand, crude oil, gasoline, natural gas, heating oil, government regulations, and natural disasters. Two of the most important of these factors is supply and demand and crude oil. The demand for gasoline comes from the cars, trucks, SUVs, and most other vehicles on the highway. Many consumers use their vehicles to travel longer and further in the summertime for traveling, vacations, and road trips. “Americans drive nearly 3 trillion miles per year, according to the Motor and Equipment Manufacturer’s Association (Bonsor 1).” The United States uses 20 million barrels of oil products per day, which 178 million gallons of that is gasoline. Price increases typically occur when the world crude-oil market tightens and lowers inventories making the supply less. When the supply is less, it becomes more difficult to fulfill the required demand. Therefore the price rises making the gas more exclusive. Fewer consumers are willing to pay the higher price, therefore consumers tend to find alternatives to filling up at the pump. People ride their bikes, carpool, or take public transportation. Gas prices in New...
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...Running Head: GASOLINE AND OIL PRICES EFFECT ON AMERICANS Gasoline and Oil Prices Effect on Americans Cindy Gasoline and Oil Prices Effect on Americans A well-known fact to Americans is gasoline and oil prices have soared over the last several years. Virtually every American has made changes in their day-to-day life related to this higher cost. Even though gasoline/oil companies and the people who invest in them are making money, prices are too high; many Americans have to decide between buying gasoline and paying for their prescription medications, healthcare, mortgage, and food. The government needs to step in and set guidelines to prevent gas companies from raising prices so quickly. “While drivers have been painfully paying up at the pump, oil companies have been racking up eye-popping profits” (Krantz, 2005, ¶ 1). During the second quarter of this year, one gasoline/oil company recorded profits each minute were in excess of what an average American earns in one year. According to Clifford Krauss’ article in the New York Times, “Exxon’s profits were nearly $90,000 a minute over the quarter” (2008, ¶3). Mr. Krauss’ article also states, “Record earnings for Exxon, the world’s largest publicly traded oil company, have become routine as the surge of oil prices in recent years has filled its coffers” (2008, ¶2). This is only one company; the other oil companies are showing earnings of the same, if not more. Americans are scaling back on...
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...High Fuel Prices and its Effect on the U.S. Economy The United States economy as a whole has been rapidly dwindling down of late, from its all time high marks in the late 1990’s and early 2000’s. Many Americans believe that the cause for this large downswing in the economy is due to the fact of the cost that the United States is putting into the War in Iraq. The war has caused some economic inflation over the past couple of years however; there are other factors that tie into the economic problem of America. One key factor that many people are surely aware of is the high and outrageous gas and fuel prices across the country. Though many Americans are aware of the extremely high gas prices, they don’t fully understand how fuel prices have a monopoly effect on the country and how the U.S. economy is greatly affected because of this. (How Gas Prices Affect Our Economy) Over the past few years gas and fuel prices always seem to be in the news. At first, prices seemed to be high one week and low the next. Now, it just seems that the prices are extremely high and won’t go down. Many times you hear big time politicians say the reasoning for these high prices is due to shortages of oil. This is not the case, for there is no shortage at all. Gasoline reserves on hand are at the highest levels they have been since the early 1990s and the oil deposits under ground aren’t running out either. (There Is No Gas Shortage – BusinessWeek ) So why are politicians saying there is a shortage...
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...Americans even get close to not depending on foreign oil. The government could be spending money on something that Obama wants to pursue. If he does not get re-elected, then all that money was wasted if the next president does not agree with Obama’s goals. The government should be exploring options of drilling more in our own country. There are many known areas in our country that the president knows about, where they could be getting oil from. Obama’s plan cost much more than it would cost for us to drill in our country versus overseas. If the government stops buying oil from other countries, they could afford to invest more money toward going to a greener way of getting energy sources. Most consumers agree that there is a need to go greener for the future of our environment, but not at the cost of our economic stability. In the past gas prices were under a dollar a gallon. Now the gas prices are extremely expensive and keep rising almost every week. This affects travel tremendously. Many people cannot afford to take vacations, flights, or transport to work. With the economy already being in a bad place, it will continue to fall unless the government creates an action plan to change it. There are many options the government can explore to help our economic situation in regard to...
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...to everyone around us regarding the pricing for oil and gas. This is a topic that concerns most people on this planet, why are the prices for gasoline so high and is it regarding the greed of oil producing companies to continue to keep rising the gasoline prices as high as possible. We will talk about the many reasons why these fluctuating pricing keeps occurring within our world market. Introduction: Gas and oil pricing is a constant irritate for many of us who are not happy about the high cost of fuel and why it remains high. We can use practical results that can provide evidence to this very contention of high fuel expense if we do the right research. These explanations can provide some examples of why the costs are constantly affected in our everyday life. When crude oil is produced it provides the cost per barrel depending on how many barrels it’s producing, therefore if the price is $ 80 dollars per gallon it may in fact cost the consumer the same amount by the cost of fuel per gallon. (Rising Gas Prices) Article Review of Cheaper Canadian Oil Not Reflected in Midwest Pump Prices The following information within this article relates that there is in fact a variable that continues to cause and affect our Oil and Gasoline pricing. These pricing effects can either the cost of oil per barrel; the higher the barrels are the higher the cost of fuel will be indicated. The biggest factor in the region's gas prices has been the partial shutdown of the Midwest's largest refinery...
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... Page 3 Consumer Response to Changes in gas prices Page 3 Price Elasticity Page 4 Suppliers Response to Price Changes Page 4 Equilibrium Prices under low price elasticity Page 5 What Causes Gas Prices to Increase Page 6 Opportunity Cost Page 7 Conclusion Page 7 Introduction Prices are set by demand and supply. When supply falls, prices rise quickly. The demand for oil continues to hit a record high. Countries like China and India are consuming it more frequently as they industrialize, but cars and power factories. However, the supply of gasoline has been restricted by certain requirements forcing oil refiners to manufacture different gasoline for an assortment of purposes. The price of gasoline reflects producers’ costs and consumer’s willingness to pay. Gasoline prices tend to rise if the cost to produce and supply such commodity rises, or if people decide to buy less gas at the current price (when supply is greater than demand). The price of gasoline will stop rising or falling when a price is reached at which quantity demanded is equal to quantity supplied by producers, otherwise known as equilibrium. Consumer Response to changes in the price of gas 3 The rising price of gas will affect consumer spending rather than significantly impacting the amount of gasoline being purchased. The major aspect of the consumer life affected by the spike in gasoline prices is the change made to their expenditures...
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...Tobacco and Pollution cause Lung Cancer cases Many people who suffer from Cancer have lived in the environment with lost of toxins around them. There are many sources of such toxins, and some of them are Tobacco and Car emissions. The government has recently tired to prevent people from smoking, In 2009 President Obama came out with an act called Tobacco control Act of 2009 and said, “ The legislation takes measures to prohibit tobacco companies from marketing to children such as making candy flavored cigarettes. It also further limits misleading advertising such as the use of word such as "light" with tobacco products.” As you can see that the government of America and also the government of Canada are trying their best to prevent young people and old from smoking and preventing the retailers selling tobacco to people under age or below 19-20. As I was researching for my project, I came across very interesting articles but they were all different from each other, some said that tobacco and pollution (car emission) are the cause of Lung cancer cases, or that no they are not, or that the rates have gone up for tobacco and car sales, or some would say they haven’t. I tired my best to collect the best of the best. It is suspected that tobacco with its negative reputation that is the larger causes of lung cancer, but other says that car emission is also a cause of lung cancer, so I decide to pick this study and find that data’s for which is really the cause of lung cancer or...
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...Why Gas Prices are higher in California than in other Parts of US English 123 James L Hicks Embry Riddle Aeronautical University Abstract The rising gasoline and oil prices have become a global concern since petroleum has many uses around the world and yet its prices have continued rising for the last sixty years. This paper sought to find out why gas prices are higher in California than in other parts of America. The literature reviewed showed that West gasoline market dominated by California is defined by tight balance between supply and demand. Other factors found to be contributing the escalating gas price in California include isolation of the state from other refining centers, market conditions including international demand, Wall Street speculation, poor policies leading to uncontrolled oil cartels, decline of oil production during technical failure, political interferences, and increasing prices of crude oil due to demand forces. Despite there being no quick solution to the challenge, temporary measures such as efficient use of the available resource while looking for alternative cheaper source of energy could alleviate the challenge. Why Gas Prices are Higher in California than in Other Parts of US The Rising gasoline and oil prices have today become a world concern (Garrington, 2012). More concerns are raised considering that petroleum is an important product whose price continues escalating for the last sixty...
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...Fuel”, formed from organic remains over a period of millions of years) found in certain rock formations in the earth. It is a dark, sticky liquid which, scientifically speaking, is classified as a hydrocarbon. This means, it is a compound containing carbon and hydrogen, with or without non-metallic elements such as oxygen and sulfur. Crude oil is highly flammable and can be burned to create energy. Derivatives from crude oil make an excellent fuel. Uses Different types of oil that are obtained from crude oil are as mentioned below: 1. Ethane and other short-chain alkanes 2. Diesel fuel (petro diesel) 3. Fuel oils 4. Gasoline (Petrol) 5. Jet fuel 6. Kerosene 7. Liquefied petroleum gas (LPG) 8. Natural gas Certain types of resultant hydrocarbons when mixed with other non-hydrocarbons, create other products like: 1. Alkenes (olefins), which can be manufactured into plastics or other compounds. 2. Lubricants (produces light machine oils, motor oils, and greases, adding viscosity stabilizers as required). 3. Wax, used in the packaging of frozen foods, among others. 4. Sulfur or Sulfuric acid. These are useful industrial materials. Sulfuric acid is usually prepared as the acid precursor oleum, a byproduct of sulfur removal from fuels. 5. Bulk tar. 6. Asphalt 7. Petroleum coke, used in speciality carbon products or as solid fuel. 8. Paraffin wax 9. Aromatic petrochemicals to be used as precursors...
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...Gasoline And Oil Prices: Present And Our Future Antony T. Zavatter Com 150 Professor Johnson April 25, 2010 Imagine someone at the gas station on a beautiful spring day. As they are filling the tank, they look up and see the price has risen five cents overnight or comparing in their mind, the most recent gas bill from the previous month. “Where do these prices come from?” This is a question most people have asked themselves at one point or another in their lives and the answer is not as simple to give as most of us would think. The complexity of the oil industry and controversies that surround them are not so simply placed in just black and white. The gray areas in the world of oil and petroleum products is vast, and in an age of growing populations with more demand on the natural resources we have, we are racing toward a turning point in the worlds’ economy with the drain on our fossil fuels reaching a boil. The oil industry from start to finish is fragile at best, and must be treated with a great deal of care or the whole world breaks. Many variables are evaluated when placing the ever changing price tag the average gas consumer view. The process is not as simple as raising prices when a barrel of oil goes up. Four main elements exist that are incorporated into the equation before pricing is adjusted. Those elements are: crude oil cost, taxes, refining, and distribution...
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...Gasoline Problem. We are all familiar with fluctuating prices of gasoline at the pump. Why does this happen? Research the recent history of gasoline pricing in your area, and attempt to relate any fluctuations you observe to documented supply and demand factors, as outlined in our book. By the end of the 6-week period of November 19th –December 31, gas prices in Chicago had risen significantly. In it’s bi-monthly newsletter at the beginning of January 2011, the Lundberg Survey, a report which tracks gas prices, points to Chicago for the highest gasoline prices nationally topping the charts at an average of $3.35 per gallon for regular. With Illinois already high, 58.8 cent gas tax coupled with the city of Chicago’s gas tax of 50 cent a gallon any nationwide increase in gas prices will be even more significant in Chicago (1). Gas prices vary widely from state to state based largely on local taxes placed on the inelastic product. But prices have been trending higher nationwide after an increase in the price of crude oil, the main ingredient in gasoline (2). In Chicago, just as in the rest of the U.S., there was an increase in demand for oil during the period of November 19th –December 31, 2010. This increase in demand is illustrated by the decrease in U.S. crude oil inventories. Between the mentioned period of 6 weeks, crude oil inventories declined by 21.84 million barrels (3). These declines were a result of increases in gas consumptions, which also translate into increases in demand...
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...Gasoline Problem. We are all familiar with fluctuating prices of gasoline at the pump. Why does this happen? Research the recent history of gasoline pricing in your area, and attempt to relate any fluctuations you observe to documented supply and demand factors, as outlined in our book. By the end of the 6-week period of November 19th –December 31, gas prices in Chicago had risen significantly. In it’s bi-monthly newsletter at the beginning of January 2011, the Lundberg Survey, a report which tracks gas prices, points to Chicago for the highest gasoline prices nationally topping the charts at an average of $3.35 per gallon for regular. With Illinois already high, 58.8 cent gas tax coupled with the city of Chicago’s gas tax of 50 cent a gallon any nationwide increase in gas prices will be even more significant in Chicago (1). Gas prices vary widely from state to state based largely on local taxes placed on the inelastic product. But prices have been trending higher nationwide after an increase in the price of crude oil, the main ingredient in gasoline (2). In Chicago, just as in the rest of the U.S., there was an increase in demand for oil during the period of November 19th –December 31, 2010. This increase in demand is illustrated by the decrease in U.S. crude oil inventories. Between the mentioned period of 6 weeks, crude oil inventories declined by 21.84 million barrels (3). These declines were a result of increases in gas consumptions, which also translate into increases in demand...
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...later and closing one hour earlier. All full time employees will work 4 days at week, at 10 hours per day. Part time employees schedules should be made up of 3 days a week. The changes are being made as a result of the raising gas prices. We are hoping the change to the schedule will be a benefit to both the operations of the store as well the staff who manage the store. Despite the current economical changes, the company will not be closing any current locations, however, it will not be opening any new locations at this time. Please let me know if you have any questions. From: Corporate Office To: All Employees Subject: Changes to Work Schedule Attention All Employees, Effective June 1, 2012 the work schedule off all full time employees will change from 8 hours and 5 working days to 4 working days which will consist of 10 hours. Part time employees’ schedules will not surpass 3 working days each week. Along with your work schedules changing, all locations will open one hour later and close one hour earlier. These changes are to better accommodate both the store locations and the employees with the struggle of the raising gas prices. In an effort to keep the organization steady, any plans of opening new locations have come to a stop. However, no current locations will be closing. Please consult with your store manager should you have any questions. The Corporate Office To: City of Tracy From: Corporate Office of Quality Clothing Co. Date:...
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...A REPORT ON OIL AND NATURAL GAS CORP (ONGC) By: SUBHROJIT MALLICK (1092) SONIA KALE (1090) SNEHA ROY (1086) PALLAV HATIMURIA (1061) INTRODUCTION ONGC (Oil and Natural Gas Corporation Limited), the Indian multinational oil and gas company headquartered in Dehradun is India’s largest oil and gas exploration and production company. It is a Public Sector Undertaking (PSU) of the Government of India, under the administrative control of the Ministry of Petroleum and Natural Gas. ONGC produces around 69% of India's crude oil. On 31 March 2013, its market capitalisation was INR 2.6 trillion (US$ 48.98 billion), making it India's second largest publicly traded company. In a government survey for FY 2011-12, it was ranked as the largest profit making PSU in India. ONGC has been ranked 357th in the Fortune Global 500 list of the world's biggest corporations for the year 2012. It is ranked 22nd among the Top 250 Global Energy Companies by Platts. ONGC was founded on 14 August 1956 by Government of India, which currently holds a 69.23% equity stake. It is involved in exploring for and exploiting hydrocarbons in 26 sedimentary basins of India, and owns and operates over 11,000 kilometers of pipelines in the country. Its international subsidiary ONGC Videsh currently has projects in 15 countries. ONGC has discovered 6 of the 7 commercially-producing Indian Basins, in the last 50 years, adding over 7.1 billion tonnes of In-place Oil & Gas volume of hydrocarbons in Indian basins...
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