please take a few days to help me conduct a research on the

please take a few days to help me conduct a research on the history of crude oil prices and give me a 100-150 word essay on how recent crude oil prices are affectiing gasoline prices at the pump or gas stations

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 pe barrel.

These low crude oil prices has resulted in sharp declines in the gasoline prices as the crude oil cracks results in production of gasoline.