World Petroleum Prices
The World Petroleum prices are dependent on numerous factors. And the Petroleum prices in turn affect the prices of numerous things of the Global market. Thus the economy of any nation is greatly affected by the World Petroleum prices.
In addition to this the rising and increased demand of Petroleum products all over the Globe makes the World Petroleum Price so important. It could be safely stated and vouched for that, in the modern times, there are no nations, no commodity, no trade and no person that is not affected by the World Petroleum prices.
The Petroleum products are traded and sold and bought all over the planet, so there is a policy in place to standardize the price of crude oil. The original price of crude oil per barrel is fixed and is constant or same for all the countries. But there is a huge variation in the rates of the refined products or the fuel and other products sourced from this crude oil. This variation in the prices in different nations is due to many factors. The pricing policy of every nation is different. Some nations like the European countries and Japan have imposed a high amount of tax on automobile fuel. On the other hand Middle Eastern nations like the Arab oil rich countries have a subsidized rate on fuel simply because they can afford to do so. USA tops the list among the gasoline or automobile fuel consumers around the globe and occupies the number one position in the fuel usage per person ratio too.
The subsidy in the Petroleum prices can surely lead to reduced cost of living in general because of the reflected reduction in the prices of the goods and cost involved in transportation. But history has been a witness to many political upheavals and unrests due to a soaring of the fuel prices. This statement should suffice to summarize the over importance attached to the World Petroleum Prices.
The recent trends in the history of the World Petroleum prices have shown an overall spike and prices seem to be rocketing towards the sky. The month of January in the year 1999, saw a very low price with $17 per barrel, but has since then climbed steadily upwards. Except for a few dips in the prices in September 2004-05, and also between May and July of 2009, the market has always seen an upward trend. As of now, the prices in 2009 are around $70 per barrel.
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