price on barrel of gas

price on barrel of gas

The price of a barrel of oil has been testing new highs since it pushed through $50 a barrel in September 2004 - and pushed gasoline prices well beyond $1 a litre in the summer of 2005. But how high are prices like that, historically speaking? Turns out these records may not be records, after all. First at all lets go through some history. The first federal gasoline tax was adopted in 1932 at a level of one cent per gallon. The tax has increased in small amounts over the past 75 years. In 1951, government raised the tax to 2 cents per gallon to raise additional funds for the Korean War. The world is familiar with the possibility and real results of polluting the environment. The ongoing destruction of nature is a subject of great concern. One of the types of pollution regarded as responsible for global costs rising is air pollution. The supplies of petroleum across the world are limited. As petroleum supplies start to decrease, it will also become tougher to get what remains. Alternate fuel automobiles are the trend of our future, because now a days gasoline prices are at an all-time high.
Summer has arrived, and gas prices goes up. It happens every year, gas prices jump from $2.00 to 3.00 a barrel, then when the kids go back to school the gas prices slowly go down 30 cents to 50 cents. This is how the gas prices just keep rising. If people would stay home and not take a trip, gas prices may not rise as much.
Gasoline, one of the main products refined from crude oil, accounts for just about 17 percent of the energy consumed in the United States. The primary use for gasoline is in automobiles and light trucks. Gasoline also fuels boats, recreational vehicles, and various farm and other equipment. While gasoline is produced year-round, extra volumes are made in time for summer driving season. Gasoline is delivered from oil refineries mainly through pipelines to a massive distribution chain serving estimated 168,987 retail gasoline stations throughout...

Similar Essays