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Crude Oil
It is utterly amazing how many things start from a barrel of oil. Everyday things such as the gasoline you use to drive your car to synthetic fabrics, to medicine. Oil provides about 40% of the energy Americans consume and 7% of are transportation fuels. The U.S. oil industry employs nearly 1.4 million people. (Oil-gasoline, p. 1)
In the U.S. alone the total technically remaining recoverable oil may exceed 16 billion barrels- about 5 years worth. The total remaining recoverable oil world wide is about . trillion barrels. (Oil-gasoline, p.1)
Oil does a lot more then simply provide fuel for our cars and trucks, keep our homes and offices comfortable, and power our industries. Oil is the key ingredient in making thousands of products that make our lives easier. From lipstick to diapers and medicine, petrochemicals play a vital part. (Refining Online, Crude Oil Refining, p. 1)
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Crude Oil prices behave much as any other commodity with wide price swings in times of shortage and oversupply. The U.S. industry's price has been regulated through price controls. After World War II oil prices have averaged $1.7 per barrel in 16 dollars. Through the same period the median price for crude oil was $15.7 in 16 prices. That means that only 50% of the time from 147 to 17 have oil prices exceeded $15.6 per barrel. Prices have only exceeded $ per barrel in response to conflict or war in the Middle East. (Free Crude Oil Investment Information, p.1)
OPEC was formed in 160 with five founding members Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela. Now there are six other countries in OPEC, Qatar, Indonesia,
Libya, United Arab Emirates, Algeria and Nigeria. (Free Crude Oil Investment Information, p.1) After the World War II exporting countries found increasing demand for their crude oil and a 40% decline in purchasing power of a barrel of crude. In March of 171 the balance of power shifted. The power for control crude oil shifted from the United States to OPEC. OPEC has seldom been effective as a cartel. Because of the 17-180 period of rapidly increasing prices, the demand was reduced due to better insulation in homes and more energy efficiency in industrial processes. During the Arab Oil Embargo the extreme sensitivity of prices to supply shortages became all too apparent. Prices increased 400 percent in six short months. (Free Crude Oil Investment Information, p.)
To live without crude oil would be to live without a countless number of goods ranging from cd players to surf boards. From the time your alarm clock rings in the morning to, to the time you turn in for the night, oil touches your life in ways you never could imagine.
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