This paper discusses how crude oil has proved to be one of the most versatile forms of
energy and how man has used this fundamental
law of
energy conversation to make life easier for himself and the community at large. It explores the topic of gasoline from its refining to its conservation and, in particular, the factors affecting its ever-changing price and the
economy. Outline Introduction Information About Crude Oil Refining of Crude Oil in the United States and Worldwide Workforce in the Petroleum Industry The History of International Petroleum Pricing The Achnacarry Agreement The Rise of OPEC Power in the 70's Effect of Oil Price Increase on the U.S. Economy Variables Affecting the Cost of Petroleum Products Impact of Price Increase on the U.S. Economy Impact of Petroleum Price Increase on the World Economy Political Influence on Price Increase Petroleum Product Transportation and Distribution Petroleum and the Transportation Industry Types of Fuel Used in the Transportation Industry Fluctuating Fuel Prices in Recent Times Impact of Prolonged Petroleum Use on the Economy Conclusion