An exploration of the crude oil market and the factors behind the constant fluctuation in oil prices.
Written in 2009; 2,342 words; 4 sources; MLA; $ 72.95
Paper Summary:
This paper relates that while the Organization of Petroleum Exporting Countries (OPEC) is often considered to be a conglomerate of all the powerful oil producing nations of the world, the actual power of OPEC may not be as substantial as is perceived. The paper discusses the fluctuation in oil prices and how it is due to trader and investor expectations as well as speculation. The paper also examines other factors behind the price increases and then addresses the recent deflation in oil prices. The paper concludes that in order for the United States to grow in independence and away from the seemingly cartel-like oil environment of the world, an increase in domestic oil must be pursued.
Outline:
The Crude Oil Market
The Power of OPEC
The True Players of the Oil World
Eternal Demand, Finite Supply
Fluctuations in the Crude Oil Market and Price Regulation
Tangible Oil Price Fluctuations
Conclusion
From the Paper:
"The crude oil market is one of incredible demand with a seemingly limited supply; however this will be exhibited to be at times merely a matter of perception. The oil market in recent times, particularly within the last two years, has been relatively volatile. Prices have spiked up and dropped down, creating a situation of speculation which in turn has allowed a bubble to develop. Traders warned that the crude oil market was moving into an "unstable equilibrium" as the International Energy Agency (IEA) raised concerns about the market's ability to meet an expected jump in demand for oil-based products. (MEED 16) This lack of supply for the expected demand, which may perhaps be the result of cartel-like collusion on price manipulation, will inevitably lead to an increase in the cost of oil, which ultimately will trickle down to the consumer."
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