Gen Ed Project

Gen Ed Project - Alan Campbell Chris Ferone Steph McInnis...

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Alan Campbell Chris Ferone Steph McInnis Noris Pasic
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Group #44 Economics 002 Section 004 Professor Graf
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I. Introduction Gasoline is a major source of energy not only in the United States but also in all modern countries around the world. Seventeen percent of the United States’ energy needs are supplied by gasoline (“A Primer on Gasoline Prices”). Gasoline plays a significant role in the American economy for a number of reasons. Nearly every internal combustion engine requires gasoline as fuel. This means that cars, trucks, and tractor-trailers all rely on gasoline. Not only is transportation significant in this country for the movement of people, but also for the movement of goods necessary for daily life. Gasoline is not only used for vehicles, but also to power machinery used in factories, farms, and construction sites. Nearly all Americans are dependent on this fuel in one way or another. The gasoline powered engine has helped to allow commerce to occur at record paces over the last century. For the same reasons that gasoline has impacted the American society, countries around the world have been similarly affected. In general, non-developed countries use less gasoline per capita than industrialized countries such as the Untied States. This trend is due to less of a dependence on automotive transportation in either less affluent or more overpopulated countries, such as India or China, where this form of transportation is not as feasible for the majority of the population. Although many people in even wealthy European states do not own a car, they are still dependent on gasoline because they often rely on public modes of transportation. Several foreign countries, particularly in the Middle East, depend on the production and exportation of crude oil as a means of national income and employment. These countries have formed an international union known as OPEC (Oil Producing and Exporting Countries) to maintain fair oil prices
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around the world and ensure market stability. The control of gasoline by these foreign countries has caused great tension throughout the industrialized world and has even been suspected as the cause of multiple wars. For example, the Gulf War of the early 1990s was instigated by the invasion of one major oil producing country, Kuwait, by another, Iraq. This indicates that gasoline can be very important to people around the world, that they are willing to risk their lives for it. Because of the highly volatile political climate associated with gasoline distribution and production, the price of gasoline depends heavily on geographical location. Compared to Europe, the price of gasoline in the United States is relatively low.
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This note was uploaded on 03/30/2008 for the course ECON 002 taught by Professor Mcleod,markpehlivan,ayseozg during the Spring '08 term at Penn State.

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Gen Ed Project - Alan Campbell Chris Ferone Steph McInnis...

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