Pollution And Its Effects On The Environment

Currently Saudi Arabia is one of the leading producers of oil in the world. However, it is losing its foothold on the market. Many countries, like North America, are increasing their oil production and are looking for ways to become less dependent on foreign oil. The increased competition has caused oil prices to decrease. By producing their own oil, countries not only will increase their revenues, but will also reduce their need to rely on foreign oil. By reducing their need foreign an oil a country does not have to worry that their oil supply will be cut off if they go to war.

The consumption of the oil cause changes in the supply and demand. The United States produces 11 million barrels of oil every day. We are one of the biggest countries to have a big influence on the production and prices of the oil. The basic supply and demand theory explains that the if a product is produced more, the cheaper it should sell. If a country were to double the output of oil day, prices would fall and the Production is high, but the distribution of oil isn’t keeping up with the market. The United States builds an average of one oil refinery per 10 years. This is a net loss due to the fact construction has slowed down since 1970s. Since 1970s, the United States has 8 less oil refineries today. The reason why we are not oversupplied with cheap oil is because of the other countries’ higher net margin and the only operate at 62% of their capacity. Excess capacity is only there to meet future demand. With demand moving accordingly, oil prices will continue to be set mostly by the market — despite external players’ best efforts. (McFarlane)

Oil price increases are generally thought to increase inflation and reduce economic growth. In terms of inflation, oil prices directly affect the prices of goods made with petroleum products. As mentioned above, oil prices indirectly affect costs such as transportation, manufacturing, and heating. The increase in these costs can in turn affect the prices of a variety of goods and services, as producers may pass production costs on to consumers. The extent to which oil price increases lead to consumption price increases depends on how important oil is for the production of a given type of good or service.

Oil production is crucial for humans. Overall, 33 out of 48 countries have now hit a peak in oil production, resulting that oil is going to hit a decline in production. This peak is in countries such as Mexico and Russia, potentially signifying the end of the Industrial revolution. However, oil itself is not running out, just the rich, thick oils, that are high quality. In the near future, the only oil that Earth will have will be thin, and not good enough to use in motor vehicles or for electricity. Additionally, cheap and easy to extract oil will be at a decline, and also oil will be in unaccessible places, or within dangerous areas. Oil production needs to stay at pace with the human demand.

Economically, the oil industry will only pull us down as a country. Professionals believe that even though oil prices are falling, the production will start slowing and the prices will skyrocket again. The typical consumer would see that the price of oil barrels has fallen from one hundred to eighty dollars in the past year, but the consumer will not see the impact it will have outside of gas prices. Back in 2005, sixty percent of U.S. oil was imported, and the effects of a drop in prices would have been observed in the countries that we imported from. Today, however, only thirty percent of our oil is imported. With such a high amount of domestic oil, the low prices impacts the American

Statistically oil companies bring in 289 billion dollars in a fiscal year. A gallon of gas is around 3.00, a gallon of biodiesal is .75-1.00 gallon. The oil industry is all abot money. We have become reliant on foreign countries to supply our oil needs. In doing so we are stealing jobs and abilities foe Americans to make a life

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.

The consumption of oil in the world is big and increasing. 85 million barrels of oil are consumed per day, which equals 40 thousand gallons per second and these figures are growing dramatically (Kuhlman, 2007). There are 33 out of 48 countries have reached the peak of oil production to supply our today’s industrial civilization (Kuhlman, 2007). Peak oil, which means

In the United States oil consumption is an everyday occurrence, for every citizen. Our country without oil would not be able to function properly within all aspects of life. Our political, transportation and economics systems would all encounter drastic affects if there were no oil to transform into petroleum. Due to our huge dependency on petroleum products, oil companies like British Petroleum (BP), Exxon Mobil, and Saudi Aramco hold extreme power over many countries and make billions off our need to live our daily lives. The extraction of oil from these companies are causing life altering effects for future generations, by causing major environmental complications. Each of the three main oil companies have experienced oil spills that were damaging to the environments around them and gain the global attention, because of the size of the oils spills and the lack of effort to accurately clean the spills.

This report will consist of the causes and consequences of the changing price of WTI crude oil and recent trends in the global price of oil. It will also include the effects of the ever-changing price of oil on individuals, business firms, governments and the economy.

Americans depend on this resource because it is beneficial and works for us as an energy but it is not so beneficial to the citizens of the country health wise. Taking this shift is critical to the health and well-being of the citizens. Each year the health of 54,000 Americans is caused by the air pollution generated by power plants and oil refineries. Death can be caused by the pollution and by the particles from the oil in the air that we breathe. Besides the cons of the problems of oil in the atmosphere. Pros being the United States are ready to become the leading oil producer by 2015. The United States relied on the imports for about 40% of the oil in 2012. Half of those imports came from the Western Hemisphere. The United States depended on foreign oil since 2005 since then it has significantly declined. The United States produced 18.6 million barrels per day in oil products during 2012, making us the world's largest oil producer. The United States was third in crude oil production, in 2012; the U.S. had more than 30.5 billion barrels of proven oil reserves. America now uses oil in the oil refineries for energy to run cities. The U.S. has the most preserved oil than other continents in the world more than south

Oil prices affect most American's daily lives. Whether it is used to fuel your car, a plane, to heat your home, or even if it is just used inside products, like plastic that we use daily, oil plays a role in all of our lives. Last year, in 2015, an extreme decline in gas prices swept the United States. For example, oil prices have decreased to less than $30 a barrel which is the lowest it has ever been in 12 years. There are many factors that can contribute to this sudden decline in gas prices, but their are three that are the most relevant. These include, the recent advancements in other fuel sources, the changes in the leading oil suppliers of the world, and the simple economic concept of supply and demand. These three ideas are all important in contributing to the fall of gas prices.

This research paper provides an overview on why there is oil price falling in the United States. It will examine the reasons that are influencing fall of oil prices. Additionally, the paper will seek to explore the effects caused by the fall of oil prices in the American’s economy.

Oil is a limited commodity with an unlimited demand. Very few nations have the luxury of having their own supply to which they can fulfill their own needs, while other countries clamour for what they can get . The countries with oil realized instead of competing with one another on exports , it would be much more profitable to simply work together and cooperate in their production of oil, rather than compete. In doing this, these countries will then be able to influence the market magnitudes more.

Because private companies and nations have over-estimated oil reserves it is difficult to be exact but these estimates of world oil reserves are close and further research will reflect this. Also, rapid exploitation may have damaged many reserves' wells and will limit production. It may be that we (the world) have much less than is believed! The United States past its "peak oil" point back in the early 1970's ( for further research refer to Peak Oil Crisis Books) and now imports about two-thirds (2/3) of its oil. The U.S. economy and the current American way of life is supported by energy from other nations. Those nations that have not already past peak oil (maximum production) are very near it. In the future, production will decrease while at the same time demand increases. The spread between supply and demand will cause higher prices (for all products),