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Final Crude Oil

In: Business and Management

Submitted By loujizzel
Words 1008
Pages 5
Rising Gas Prices
Luis A. Garcia
June 20, 2011
Pamela J. McGlynn

Rising gas prices This essay will show the effects of rising gas prices and how they will be at an all time high in the up coming years. One will read various viewpoints from United States
Government officials, Law officials. One will also show how this raise in gas prices will have an impact on businesses and how the consumer will be affected in the long run. Gas prices are on the raise because of unrest in the middle east and because of this it directly affects the cost we pay at the pump to fuel our vehicles. The first viewpoints come from an article published by ABC news. The article was written by Maggy Patrick and Linsey Davis, They interviewed a former executive from the
Shell Oil Company this executive is anticipating that gas prices could reach five to six dollars per gallon by 2012. is the founder and CEO of a nonprofit origination called
Citizens for Affordable Energy, John Hofmeister was named president of a Houston-based
Shell oil company in 2005 until he retired from the company in 2008, said he predicts the hikes by November 2012 due to the increase for gasoline worldwide. He also stated: (Sloan, 2011).
“While demand is rising steadily, the world is struggling to increase production. Demand is approaching 90 million barrels per day, while only 85 million barrels are being produced.
Today, gas prices are averaging at $3.89 a gallon, up about 50 cents from just a month ago.” If you recall not so long ago we seen gas prices raise to all time high about 4 years ago, but there is a difference and that is we are in a different economy. In 2008 our nation was in the beginning of the recession and the nations unemployment rate was about 4.8% now the unemployment rate is about 9%. The...

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