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Transcript of OPEC
steady income 12 member countries
Vienna, Austria Unifies Different Countries Regulates Oil Prices Enables Economic Growth Market Stability Too much control? "Complain Factor" Cheating? Abusing the system? Venezuela-1949
September 14, 1960 in Baghdad, Iraq
1962 approved by United Nations 1973 1979 1986 1997 1999 2000 2003 2008 1970s to mid-1980s
two meetings per year Does OPEC set oil prices? USA's break down
of who utilizes the most oil World Consumption Consumer Spending Goes Down Due to High Gas Prices Factors Affecting Gasoline Prices Why cost fluctuate during the year...
higher demand-more travel-family vacations
maintenance on refineries
shutting them down/limiting capacity until late May Any natural disaster
disrupt transportation routes
started in 1995 (Reformulated Gasoline Program)
est. 1990 Clean Air Act Amendments
Burns cleaner-more expensive ingredients
ozone formation boosted by heat summer-grade fuel and winter-grade fuel Economics of Oil Bibliography http://auto.howstuffworks.com/fuel-efficiency/fuel-consumption/summer-fuel1.htm
http://www.eia.gov/energyexplained/index.cfm?page=gasoline_factors_affecting_prices number of gasoline stations
sources of supply Pump Prices Spring Summer Not only are humans faced with the financial burdens of oil, but also the environmental effects it poses to our world. - OPEC and it's influence on the economy.
- Why the price of gas fluctuates and when.
- What goes into the price of gas. News at 10:30