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Supply, Demand, and Price Elasticity Paper

 Supply, Demand, and Price Elasticity Paper

Source, Demand, and Price Flexibility Paper

2010

Learning Team A

School of Phoenix, az

10/17/2010

Petroleum is a need for the majority of humans around the globe. Petroleum is actually a natural reference that has couple of competitors. In recent decades option energy sources had been investigated, however the use of petroleum is still prior to the game since the planet's primary power source in the use of automobiles, although petroleum is usually the main ingredient in plastic material. We use plastic almost everywhere, the composition of our automobiles, furniture, pcs, toys, plus the list can be endless. Petroleum is also an ingredient in many manures, used in clothes, and floor covering backing.

To understand the shifts of supply and demand of petroleum we must understand the cost and effort of retrieving petroleum from within the Earth's surface. Oil bore holes are drilled as profound as 6 miles in the Earth to find petroleum. The price tag on these oil wells is definitely well in to the millions of dollars. Every time a drilling web page has been dried out research should be done to look for a new internet site and this is an expensive venture. The leading manufacturers of petroleum are Saudi Arabia, Russia, and the United States; mainly because 80% with this natural resource is found in the center East they may have the majority of the control on the value of petroleum and coming to war together with the Middle East raises the cost that Us citizens pay in the pump. In 2001, in california, just before 9/11 the cost every gallon of gas was $0. fifth there’s 89. Today we are seeing rates over $3 a gallon. This is a rise of 200% since we went to battle. Petroleum is actually a fossil gasoline that is a non-reusable resource. When, the fossil fuel is fully gone there will be no longer. We likewise see an increase on the gas sends during the summer time and getaways. Oil companies realize that more traveling can occur during these times and demand works high. When demand for a product or service is excessive then the value will climb as well, realizing that the public features little decision, but pay out because it...

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