Trends in Crude Oil Demand in United States over Time Assignment

Trends in Crude Oil subscribe in United States over Time - Assignment suitIn the throes of elevated crude oil prices, people, as well as industries, focused on reducing reliance on oil and oil products by investiture in alternative energy and manufacturing more fuel-efficient products especially automobiles respectively. As a result, towards the close of the economic recession, the demand for stark(a) had experienced a visible dent. Demand for crude, however, remained largely unaffected considering that alternative energy is yet to become a close and easily realizable alternative to crude.Crude oil pricing is super prone to non-price factors that upset demand. Oil prices change wildly due to the geopolitical events afflicting the highly capricious Middle East, where most of the worlds crude fruit happens. The recent political mayhem in the Arab world resulted in an unmatched upsurge in prices of crude on the world-wide scene, mainly due to a dip in supply. Throughout history, brief upsets in the price of oil are unmistakable in the event of unanticipated oversupply or unheralded shortages.Another key factor affecting the price of oil in the United States is the policy regulations imposed by the government, especially after the close of atomic number 16 World War. Subsequently, in the post-war era, government regulations on the industry have commendably kept the prices of crude in the US well below the global average.Changes in global trading have significantly lessened control of conventional regulatory mechanisms in curtailing the prices of crude oil. Investors speculation in oil futures in the recent sometime(prenominal) has resulted in a distinguishable upsurge in the prices of crude.Global economic crises seem to have a strong correlation with rising in crude oil prices in the world. According to analysts figures, unprecedented high prices of oil herald economic downturns. What is more fascinating is that the economic recessions result in lower o il prices. For instance, in the 2008 economic meltdown, the price fell from over $120 per barrel as the crisis began to less than $40 (Chevron, 1) at the peak of the crisis.