Fluctuation in Gas Prices Despite Term Paper

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This keeps prices all for all users of oil high at present, given the overall escalation of users in total and insulates the price of gas and oil from subtle increases and decreases upon the part of individual suppliers. (Halcomb, 2005)

However, other possible causes may be simple hysteria and gouging. Historically, even when there has been a wholesale price of gas of $1.45 a gallon, gas stations have been able to make a profit by using the media frenzy to gouge customers, sell it for as much as $2.15.

A third factor may be simple unwillingness upon the part of customers in the United States, in the developing world, and in other nations that depend on crude to limit their use of oil, regardless of gasoline prices.

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"The people who are honest are going to pay for their gas no matter what the price is," said one gas station owner. (Lemaster, 2005)

Data Gathering

Which policy should the United States pursue to lower the cost of oil? Should it pressure OPEC? Should it pressure the developing world to use less fossil fuels and gas? Should it develop hybrid cars and offer incentives to consumers to use them rather than gas-consuming SUVs?

To determine the cause, the U.S. must measure the price of gas in relation to OPEC production and world use. What factor affects pricing more, OPEC, the use of developing nations, American consumer demand, or world demand in relation to supply in total?

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