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Essay / Research Paper Abstract
This 3 page paper looks at gasoline pricing during October of 2007. Gas prices are discussed in general. Bibliography lists 2 sources.
Page Count:
3 pages (~225 words per page)
File: RT13_SA807gas.rtf
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Unformatted sample text from the term paper:
In investigating this topic, it seems that the situation is not going to be resolved anytime soon. One article published in October of 2007 claims that crude oil prices had
hit all time high records and that the price topped $83 per barrel (Levenson). The author goes on to report that there had been a significant spike after Labor Day,
when there are usually lower prices seen (Levenson). To help to explain the problem, Levenson relays the following: "The market is in a significant deficit, the first deficit weve seen
since 2003. Inventory started to drop in October of last year for two reasons. Non-OPEC supply has been extraordinarily disappointing, because those producers are hitting technical difficulties with new equipment
and their existing fields are getting less productive. OPEC has the supply but hasnt brought it online. The second factor is that were in the part of the energy cycle
where extraction costs are rising and have been since 2001." While it was reportedly $83 per barrel at the time, it is projected to climb to $90 or even $95
per barrel (Levenson). At the time, their predications were good, and the author even underestimated how high oil prices would go. Of course, while people today shudder at the
thought of oil prices of more than $100 per barrel, it is prudent to discuss how that translates into gas prices. Levenson explains that it is not necessarily the
case that a rise in crude oil means a rise in gas prices. It is noted that retail prices in October of 2007 were lower than they were in May,
even when the price of oil was higher per barrel (Levenson). Retail prices can be kept low, despite rises in oil barrel pricing because refining profit margins may decrease (Levenson).
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