Oil Decision
There is no question that oil and gas prices are on everyone's mind. This article shows the debate over offshore drilling for for oil. The demand for oil has increased more and more each year and companies are becoming desperate for finding oil. The high price of oil causes high gas prices and high home-heating bills. Polls show that American people are extremely frustrated at the high prices and criticize the major oil companies. This debate over drilling offshore is very vital to solving or fixing the oil shortage. If offshore drilling is increased than the possibility for finding oil is a lot higher. Unfortunately the supply of oil is decreasing as the demand is increasing.
1 comment:
I agree somewhat with the statement about the greater amounts of oil that can be found in the ocean. However, I do not believe that the demand for oil is increasing. Statistics have shown that people are demanding the same amount of gasoline in their cars and oil to heat their homes as they did in the early 1990s. I think that oil rich countries are realizing that this inelastic resource is going fast and so they need to increase the price per barrel. Politics and relations between the middle east and America are also a very strong factor in the equation. To sum this up, I believe that the quantity demanded is the same as it has been but the fact that the world is realizing that oil is scarce makes it so people are paying way more per barrel than in previous years.
Post a Comment