please take a few days to read an internet article on the hi

please take a few days to read an internet article on the history of gasoline prices and then discuss in 100-150 words the impact of the rise and fall of gasoline prices as well as the lifestyle changes these price fluctautions create

Solution

Oil pices has been witnessing declines these days on back of lowe demand due to slowdown in global economy espcially in China , increase in supplies majorly due to the shale oil supplies and also impacted by OPEC\'s decision to not to cut production.

If I talk on the history, the oil price were around $20 during 2000, after that it started picking up driven by strong demand in global economy and also caused by higher costs associated with the shalle oil. Oil prices peaked in 2008 where it touched high of USD152 per barrels. Thereafter, it started declining (reached aroundf $70 levels) post lehman brothers collaspe that triggered financial instability and prolonged economic slowdown. Oil prices again touched levels beyond $100 per barrel due to Iran issues. Now currently we are seeing sharp declines again and oil is around $31.

Gasoline pices follow crude oil prices as the crude oil is the key feedstock behind gasoline production. So in the history gasoline prices closely tracked the crude oil prices , so we can say that gasoline prices were at high in 2007-08 due to record high crude oil prices. Now gasoline prices are around $1.8 per gallon from their high of $3.5-4 per gallon due to sharp decline in crude oil costs.

Generally decrease in gasoline prices results in savings for the people to spend on discretionary needs that may improve the lifestyle of the public.