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Changes in United States Crude Oil Prices Over Time: 1972-1996

For this research, however, the major competitors are considered to be domestic producers, which includes all crude oil production that occurs within the United States, and foreign producers, which includes all crude oil imported into the United States, regardless of the home country of the corporation responsible for the extraction of the crude oil from the geological crude oil reserves.

Other Factors Relevant to the Price of the Product

A wide variety of factors have the potential to affect the price of crude oil sold in the United States. For purposes of this research, four of these many factors were selected for use as independent variables in the analysis of crude oil prices in the United States. These factors are as follows:

1. The proportion of electricity generated in the United States through the burning of petroleum is the first factor. The United States uses more electricity per capita than any other country in the world. The greater the reliance on the burning of petroleum to produce electricity, the greater the demand for petroleum may be expected to be, and, in the absence of supply increases, the greater the pressure on crude petroleum prices may be expected to be.

2. The cost of finding new petroleum reserves is the second factor. For the price of crude oil to remai

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Changes in United States Crude Oil Prices Over Time: 1972-1996. (1969, December 31). In LotsofEssays.com. Retrieved 08:41, October 24, 2014, from http://www.collegetermpapers.com/viewpaper/22358.html
 
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