National Average of Gas Prices 2000-2001 - 989 Words

National Average of Gas Prices 2000-2001 In the beginning of the summer, when most people drive to vacation spots throughout the United States, gas prices reached record highs. In June 2000, the national average was $1.68 per gallon and in some larger cities; the prices soared to $2.00 and more per gallon (Facts.com, 2005). Americans were furious not only because consumers were paying more at the pumps, but because rising fuel costs have triggered inflation. Americans realized that if inflation began to rise, a recession could be triggered as had occurred in the 1970s and 1980s (Facts.com, 2005). Affects on Gas Costs on the Economy 2000-2001 Fuel prices began to rise because the supply of oil was not meeting the†¦show more content†¦Member nations of OPEC wanted high oil prices to support the fortunes of the ruling wealthy classes and to provide huge public benefits for a the member nations poverty stricken and unemployed population (Steltzer, 2000). Analysts Outlook for Oil Supplies in the Future Decades after 2000-2001 Some analysts claimed that the worlds oil supply was decreasing so slowly that no concern was warranted for future decades. These analysts used the oil crisis of the 1970s as an example. Many observers at that time predicted that because no new oil-fields had been discovered the prices of oil would rise to 100 dollars per barrel or more by the end of the decade, even though this increase never did occur (Truby, 2000). Other critics felt that the oil price increase in 2000 was a bad indicator of what the future held if changes were not made in the nations energy infrastructure (Truby, 2000). The fear was not that the nation would run out oil, but cheap oil. The terrorist attack on the Trade Center was thought to have an impact on the oil prices, but due to decreases in interest rates to keep the economy afloat, those increases never came to fruition. Conclusion Oil prices in the years 2000-2001 rose due to OPECs decision to cut the supply of oil that was being produced. Foreign relations with the United States did little to the price increase ofShow MoreRelatedEffects of 9/11 on American Economy Essay625 Words   |  3 PagesThe September 11 attacks were set of four terrorist attacks controlled by al-Qaeda, an Islamic terrorist group. On September 11, 2001, four aircrafts were hijacked by the terrorists; two of the planes hit Twin towers in New York, third hit the Pentagon and the fourth one crashed into a field near Shanksville, Pennsylvania (â€Å"9/11 Attacks†). The September 11 attacks had several long-term negative effects that include Social effects, Psychological effects, Physical health effects, Economic effects andRead MoreHybrid Vehicle1392 Words   |  6 PagesAbstract: As gas prices raise the average automobile consumer demands a better, more fuel efficient vehicle. This demand has forced manufacturers to begin producing hybrid vehicle; first four door hybrid sedan was unveiled by Toyota in 2000. The Toyota Prius’ success encouraged it competitors to roll out their hybrid cars as well setting a common standard for environmentally friendly and efficient vehicles. The relationship of consumer and manufacturer in the car industry on a macro level hasRead MoreGlobalization : An International Economy And Global Markets898 Words   |  4 Pagesdon t look after social needs (2000). Globalization allows businesses to grow due to the elimination of stringent trade restrictions and tariffs. Globalization also allows undeveloped nations the opportunity to flourish by creating jobs that were previously unavailable. As Lechner states in his Globalization Debates - Good vs. Bad, those in opposition believe that globalization is dangerous due to the à ¢â‚¬Å"...inequities of oppressive global capitalism† (2000-2001). So, what are the upsides and downsidesRead MoreHow Gasoline Prices Work3963 Words   |  16 PagesIntroduction to How Gas Prices Work Image Gallery: Hybrid Cars Photo by Justin Sullivan/Getty Images High gas prices can make you stop and think about your commute. See hybrid car pictures to see models that save you money.In May 2008, average gas prices in the United States approached, and in some places passed, $4.00 a gallon, shattering records. But this was nothing new to American consumers. May was a month of records that broke one after another, and that came on the heels of months ofRead MoreWhy the Suv Is Bad1715 Words   |  7 Pagesare no rules right now but the National Highway Traffic Safety Administration (NHTSA) will require better mileage by 2011. The H2 will have to increase its mpg to 22.3. Still that is very low considering most compact cars minimal is 27.5. Ron DeFore, a spokesman for the sport-utility vehicle Owners of America, a non-profit consumer group, questioned whether the rules were needed given high gas prices. He says he fears the standards will lead to higher vehicle prices, reduced performance and fewerRead More Energy Crisis Of The United States Essa y2153 Words   |  9 Pagesincluding using more solar and wind energy, nuclear power, and drilling in the Arctic National Wildlife Refuge (ANWR). The President told the American people that they would have to watch their energy use and conserve as much as possible. Gas prices reached $2 per gallon in the Midwest for the second straight summer, and California continued to be hit by unprecedented power woes that forced rolling blackouts. The price of crude oil rose sharply, from around $10 a barrel to a peak of $37. The currentRead MoreHomelessness1688 Words   |  7 PagesBy definition, a person who is homeless lives in public. The lack and destruction of federal housing programs and increasing rents forced those who are homeless to do in public what everyone prefers to do in private. According to the website, National Law Center on Homelessness and Poverty, the Low Income Housing Information Service estimates that â€Å"there are twice as many low-income families searching for housing as there are units available†, many of which are waiting on Section 8 housing, aRead More America Does NOT Need to Drill in the Arctic National Wildlife Refuge5388 Words   |  22 PagesAmerica Does NOT Need to Drill in the Arctic National Wildlife Refuge Thesis: If the United States is going to choose to conserve energy responsibly, then our governments energies should not be focused on developing oil in the ANWR, but rather on the topics of conservation through higher fuel efficiency standards in vehicles and by developing alternative energy sources. Conservation, fuel efficiency and alternative energy sources are the solutions that will lead usRead MoreWhy It Is Important to Reduce Emissions Caused by Carbon Dioxide and Other Greenhouse Gases and Avoid the Costs Originated by Them in the Near Future2919 Words   |  12 PagesThe issue of Global climate change is one of the utmost economic, social, and environmental challenges of this century. Analysis shows that greenhouse gas emissions are responsible for changes in the pattern of climate around the Globe. â€Å"Global pollution creates a â€Å"public bad† born by all – a negative externality with a wide impact† (M.Harris, 2002). Australia is considered to be the driest populated continent in the world and faces stern drought and water shortages. Reducing carbon emissions isRead MoreReport on Oil and Gas Industry in Pakistan81517 Words   |  327 PagesReport No. 26072-PK Pakistan: Oil and Gas Sector Review July 10, 2003 Oil and Gas Policy Division Oil, Gas, Mining and Chemicals Department Private Sector Development and Infrastructure Document of the World Bank Currency Equivalents Currency Unit = Rupees (Rs) Rs. 1.00 = Paisa 100 US$1.00 = Rs. 58.35 * Rs. 1.0 = US$0.017138 Rs. 1,000,000 = US$17,138 *As of December 31, 2002 Measures And Equivalents 1 Kilometer (km) 1 Cubic Meter (m3) 1 Cubic Meter (m3) 1 Thousand Cubic Feet