Реферат: Supply And Demand In The Gasoline Market

Essay, Research Paper

Supply and Demand in the Gasoline Market

The substance known, as gasoline is a mixture of lighter liquid hydrocarbons

used chiefly as a fuel for internal-combustion engines. It is produced by the

fractional distillation of petroleum; by condensation or adsorption from natural

gas; by thermal or catalytic decomposition of petroleum or its fractions; by the

hydrogenation of producer gas or coal; or by the polymerization of hydrocarbons

of lower molecular weight. Gasoline produced by the direct distillation of crude

petroleum is known as straight-run gasoline. This is the type of gasoline, which

we use in our automobiles. It is this which makes gasoline a product that is

indispensable and also makes it highly demandable from the driving public. Thus

the price of gasoline can also have a direct affect on what types of cars people

will buy.

One of the problems with gasoline is that it is, for now, the main fuel for

automobiles and because of that it has become a necessity for most of the many

Americans who own cars and have no choice but to drive to get to work, as well

as in many other parts of the world. It is this constant need for gasoline to

get us around which makes the demand part of it very high. On the supply side is

where OPEC comes in, because they are the main suppliers for the gasoline for

the world at large. The Organization of Petroleum Producing Countries (OPEC) is

a permanent, intergovernmental organization, created at the Baghdad Conference

of September 10-14, 1960, by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. The

five Founding Members were later joined by eight other Members: Qatar (1961);

Indonesia (1962); Socialist Peoples Libyan Arab Jamahiriya (1962); United Arab

Emirates (1967); Algeria (1969); Nigeria (1971); Ecuador (1973-1992) and Gabon

(1975-1994). OPEC’s objective is to co-ordinate and unify petroleum policies

among it?s Member Countries, in order to secure fair and stable prices for the

petroleum producers; an efficient, economic and regular supply of petroleum to

consuming nations; and a fair return on capital to those investing in the

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