A major topic of discussion today is the price of fuel. Over the past several years the price paid for a gallon of gasoline, diesel fuel, or jet fuel has been fluctuating. Indeed, all products that are derived from crude oil have been affected. In your initial post please discuss the following:
- Why do fuel prices fluctuate?
- Many products use some derivative of crude oil in their production. Research five of these non-fuel or lubrication products. Do not list fuels or lubricants. List these products and state whether the price of these goods has followed the price per barrel of crude oil. If so, explain how? (Please be sure that you do NOT repeat any products listed by your classmates.)
- Will the United States be able to stop using crude oil?
- Do environmental factors such as drought have an effect upon gasoline prices? If yes, how?
Be prepared to be challenged on your responses. Also, you must state reasons which are related only to economics and do not present an agenda.