oil - Stephanie L. Stoetzel Supply and Demand of Oil Due...

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Stephanie L. Stoetzel Supply and Demand of Oil Due Feb 5 th , 2010 Micro-economics Oil plays a very large part in day to day life, whether you realize it or not. The obvious use for oil is the gasoline you put in your car. Without it, you would need to find another mode
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of transportation, that doesn’t need fuel. But what about products you buy at the store? They do not just appear there, they are shipped on a truck that runs on fuel. Before that point, these products might have been shipped from overseas on a ship, that, you guessed it, runs on oil. If you are like most Americans, I bet you do not go out every day and chop wood for your wood stove, but you have your home heated by fuel. These are just some of the things we do not really think about, but just rely on. We assume they will always be in supply, but how much are we willing to pay for it? How does the price of oil affect the supply, and the demand? The demand for oil is not easily changed. You are still going to need gasoline for your
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This note was uploaded on 10/18/2010 for the course BM 110 taught by Professor Arthur during the Spring '08 term at Mohawk Valley Community College.

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oil - Stephanie L. Stoetzel Supply and Demand of Oil Due...

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