Posted on 19 May 2009
Tags: affordable oil, consumer market, crude oil, crude oil prices, domestic oil supply, emergency petroleum supply, expanding of US oil reserves, gas prices, oil imports, oil refineries, oil refining, oil supplies, record-breaking crude oil prices, SPR, SPR's capacity to store oil, storage of oil, Strategic Petroleum Reserve, third largest producer of crude oil, US Domestic Oil Supplies
After having a look at the oil imports of the United States, you might be surprised to know that the United States is the world’s third largest producer of crude oil. Around the Gulf of Mexico, is situated the biggest production region, and Texas is the largest oil producing state. In the Gulf Coast region is situated two important oil producing areas these are the Permian Basin, which is located in west-central Texas and eastern New Mexico, and also the federal offshore portion of the Gulf. The names of other big oil-producing states are Alaska, Louisiana, California, Oklahoma and Arizona.
Though it is the fact that the United States is producing so much oil but then also it is still heavily dependent on foreign sources for its oil supplies. It is due to the reason that the US depends so much on other oil producing countries that the country crippled during the oil embargo of 1973 and 1974. In order to ensure that the US might not face this situation again, the federal government formed the Strategic Petroleum Reserve (SPR). When most of the domestic oil is sent directly to refineries and then to the consumer market, simultaneously, some of it is held back and sent to the SPR to store it.
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Posted on 03 April 2009
Tags: average gas prices, crude oil prices, Department of Energy, distillate fuel oil, Environmental Protection Agency, factors determining gas prices, fluctuations in gas prices, gas price, gas prices, gas spikes, gasoline, how gas prices work, oil, oil prices, oil products, regular gas, severe gas shortage, United States, us gas prices
In U.S.A, during May, 2008 the average gas prices reached $4.00 a gallon, and in some places this price level was also crossed, these were extremely tiring records. But for American consumers this was not a new thing. In May 2008, prices continued to rise till the end of the month. For this reason May, 2008 was considered as a month of price records that broke one after another. 
Gasoline keeps America moving, it is considered as the bloodline for America. Their prices are continuously fluctuating. They are a little down one month, rises the next month, and then in a year their prices shoot up more than 50 percent. Moreover these gas prices are different for different countries and even if you compare the gas prices of two states or cities you will find much difference in it. When we have noticed such a price difference among the gas prices then a question comes in the minds of most of the people that how gas prices are determined. Let us talk about the forces that determine the gas prices.
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