Trends On Gasoline Essay

478 words - 2 pages

Trends in the Gasoline Consumption
Tammie Lewis
ECO/365
December 23, 2013
Instructor Michael Thirtle

Trends in the Gasoline Consumption
I have decided to do my Article Analysis on the trends in the gasoline consumption. I have found while working on this to be very interesting in seeing how much our gasoline prices have changed in just a few years. As well as how it has and is affect our economy.
The main reason for the decrease in the gasoline consumption rates by the consumers in the United States is the cost. Since the cost of the crude oil is increasing, the utility is imitate of gasoline continues to rise. When our economy was at an all-time low that started in 2008 and ...view middle of the document...

During the past several years the demand for the crude oil has largely increased all over the world. In 2007 there was a peak of 86 million barrels per day. In the past few years the demand has been decreasing. There were 85 million barrels of oil that was consumed per day in 2009. Even though, the demand for gasoline has shown a continual decrease. The Energy Information Administration are looking for a huge rise of an amount of 89.7 million barrels that are used up per day in the world in 2013. In December, 2013 a value of $153.7 billion has been invested in drilling close to 46,736 oil and natural oil wells during 2012. This investment shows a 23.1 percent increase over what the levels were in 2011 (Porter, 2013).
The United States oil and also the natural gas development is raising energy, as the companies are investing more in the domestic production and enlarge our capability to supply the United States with their energy needs. There are more oil and natural gas wells being opened, and this is because of the investments in the exportation and production of oil.
The American Petroleum Institute is the only national trade association that actually shows all the areas of the oil and natural gas trade. There are over 10,000 different companies that are delivering oil and natural gas services and supplies to different industries in the United States.
In doing this paper I have really learned quite abit about the gasoline consumption industry.

Reference:
http://www.4-traders.com/news/API-American-Petroleum-Institute--API-survey-US-energy-revolution-gathers-momentum--17637655/

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