| In the United States, we consume millions of | | | | determination by OPEC significantly influences the |
| barrels of oil daily in the form of the gasoline that | | | | cost of gasoline worldwide, as does a collection of |
| powers our vehicles, jet fuel for air travel and a | | | | local economical factors. Economically speaking, |
| multitude of other oil reliant products. When we | | | | increased demand brings about higher prices for |
| think about oil prices, we typically get no further | | | | consumer products, a trend that gasoline generally |
| than begrudgingly recounting how much we spent | | | | tends to follow. Generally, the demand for oil in |
| on our last fill up at a gas station or contemplating | | | | the form of gasoline rises during the summer, |
| the ever fluctuating price per gallon. However, | | | | when automobile and air travel increase. |
| numerous factors influence the price that the end | | | | Correspondingly, the price for gasoline tends to be |
| consumer pays at the gas pump, a few of which | | | | higher during the summer months than it is during |
| we will observe here. | | | | the remainder of the year, with other factors |
| The Organization of the Petroleum Exporting | | | | being constant. While this is not always the case, |
| Countries (OPEC) establishes the going price per | | | | the price of gasoline is affected by the magnitude |
| barrel of oil, based on an analysis of production as | | | | of demand and thus follows a somewhat seasonal |
| well as the type of oil that is available. This price | | | | fluctuation. |
