Ethics and the Oil Industry

High desiel prices are a consequence of capitalism. As all fuel prices have been going up people are blaming the federal govenerment. They believe the president has influence of derterming the outcomes of tensions betwwen Israel and Iran. Some people blame incrased prices based on fears around the world. It all comes down to one thing to blame, capitalism. Calitalism can be great to an economic system because of its emphasis on efficienc and inbradible success rate at allowing those who control the means of production and resources to meet the demands of those with purchasing power. Capitalism is constantly evolveing and will impact the gap between current and future goals on oil prices.

Each time a person residing in the United States pulls up to a gas station to fill their tank it costs more money. This is particularly true of the past four years. Many focus the blame on the American Government but there are a multitude of factors causing gasoline prices to be so astronomically high. Middle eastern war, environmental precautions and government all seem to have a hand in the price we pay at the pump.

Several oil-countries have been facing economic and political turbulence as a result of the crash in oil prices, and there is disagreement among OPEC as how to handle the situation. (Krauss) While this is happening, America’s oil production continues to rise, as it inches closer to becoming an energy superpower in production and consumption; and countries that depend on their oil exports face recession.

This article “Why the Price of Filling Up Has Been Going Down” written by Alan Neuhauser stated that back in 2012. The article analyse fighters with the Islamic State group have seized oil fields, huge swathes of territory and major cities in Iraq and Syria, threatening oil supplies. On normal situation, this is going to threaten markets as it is threaten the supply of oil. Despite of the global unrest the prices at the pump in US are currently at their lowest levels in the year of 2012. According to the article there are several reason which make the price of oil fall, but the main reason which is causing this is the less use of oil crude after the Labor Day.

Additionally, the war in the middle east created a suspension in the export of oil to the U.S, and it quadrupled the price of oil. I think that our leaders

Over the past two years, oil prices have increased very rapidly. “With OPEC production cuts and a growth in crude oil demand,” oil prices went from a 25-year low of $11 per barrel in February 1999 to a peak of close to $36 per barrel in December 2003 (Jablon 1). “Some analyst, however, said the cut could soon push crude prices above the psychologically important threshold of $40 per barrel and worsen the pain for U.S. motorists” (“Rising Prices Fuel Gas Clash” 1). During this winter, the price of natural gas has gone through the roof. This brings many questions to mind. Are the companies just raising prices? Is there actually a shortage that is causing the raise in price?

“Every 10% drop in prices of oil adds 0.1% to the US economy, and the sooner the Iraqis start pumping, the faster the plunge in per-barrel prices. A quick war that ends with a new oil minister in place by the end of the year would bump up Iraq's production to 4 million barrels per day by 2006 from a current 2 million, collapsing prices into the low teens“ (Lynn J Cook 1).

Strength comes in numbers, Standard Oil sings to the tune of $1 trillion in profit. From the United States’ help in growing the petroleum industry came a helping hand during the crippling recession. Many experts have agreed upon the need for imports of oil. Blanche claims "That control has kept together OPEC--one of the longest lasting cartels in economic history--and has maintained some degree of stability through a succession of wars and economic crises.” (Blanche, Ed.32+). Without the revenue created by the oil empire our economy would still be starved. OPEC can have a large influence on an economy, with it on your side a more swift recovery can be reached.

I’m convinced that the Oil Industry is being controlled by a group of crooks who like to yank our chain by imposing high prices on oil at every turn. Then when they have sucked and squeezed every cent out of us, all of a sudden the crooks will have a decreased of a few pennies reflected at the gas pumps.

Let 's say a gas line blows up in a foreign country America is depending on for oil, as soon as that explosion occurs our price for crude oil goes up. January of 2017 saw a rise of 43 cents per barrel because OPEC cut the output of oil that resulted in a draining of oil stockpiles (“US crude settles”, 2017). OPEC plans to meet later in May and analysts feel that their will be an increase in oil prices as a result of the meeting (Landsman, 2017). This means we will be paying more.

Gas prices have been decreasing in some states according to my research on google. Since there has been more oil found, we have more of a supply which means that the prices of gas will drop due to supply and demand. Now that we have more oil for gas, the supply has increased which means that even though demand is high, the prices are lower because we have that supply. It has been the lowest in years, dropping from about four dollars a gallon to about three and and a half. Even though this may seem like it isn’t important to the economy, it is because now more people can afford it so more money for the economy to make from its

United States domestic production has nearly doubled over the last several years, pushing out oil imports that need to find another home. Saudi, Nigerian and Algerian oil that once was sold in the United States is suddenly competing for Asian markets, and the producers are forced to drop prices. Canadian and Iraqi oil production and exports are rising year after year. Even the Russians, with all their economic problems, manage to keep pumping. There are signs, however, that production is falling in the United States and some other oil-producing countries because of the drop in exploration investments. But the drop in production is not happening fast enough, especially with output from deep waters off the Gulf of Mexico and Canada continuing to build as new projects comes online. On the demand side, the economies of Europe and developing countries are weak and vehicles are becoming more energy-efficient. So demand for fuel is lagging a bit.

A recent price shift that all American drivers have experienced is the constant fluctuations of gas prices. As I turned 16 in 2013 gas prices were on the rise ranging from $3-$4 across the nation. For many Americans it caused them to make economical decisions on what vehicle to buy taking on extra jobs to pay for gas, cutting out vacations because of the high gas expense. During 2013 I would even struggle filling up my dodge pickup every week and realizing how much money I was spending just on gas. However, in 2016 prices have decreased to $1-$2 dollars. If we look back on the history of gas prices we can analyze that reason gas prices change so often is based on the amount of crude oil. Since oil is the main input for producing gasoline, so if there is a rise in oil price than gasoline price must rise as well. Many factors go into affecting gas prices, but one example in particular is the detriment of

The recent drop in the price of crude oil by more than half since June 2014 involved complex causes, but much of the problem stemmed from an imbalance of supply and demand. The oil industry thrives on advances in science and technology and historically has proven remarkably adept at producing knowledge and techniques to locate, process, and transport oil but ill-equipped at using its investments into industrial research and development to create market stability. For example, American energy production has boomed in recent years due to advances in hydraulic fracturing and horizontal drilling but those innovations created vulnerability for American oil producers and particularly for smaller independents when world production outpaced consumption and prices dropped.

Oil prices have hit a record high at $100 a barrel. Prices have doubled from the rates seen in January 2007 and more than quadrupled since 2002. What factors are causing this unremitting increase and what are the likely consequences for consumers and the global economy? What is causing the latest price spike? This was triggered by concerns about violence in Nigeria and Algeria as well as the delay of the elections in Pakistan. The assassination of the former Pakistani