ECO 365 - Principles of Microeconomics

Oil

In today's economy many trends in consumption patterns can determine where the supply and demands are needed. In the article "East Bay Oil Exports Have Become Huge Business," by Glantz (2012), it touches on the subject of trends and consumption of oil. Many people are aware; however forget that there is a whole lot of oil around us that can be used. This paper will discuss and address the utilities derived, the change that demand for the product or service of market and equilibrium prices, what has occurred to change the demand and supply of the oil, and is demand for oil product or service price elastic or inelastic.

According to Glantz (2012), the utilities derived from the article have to do with the way the community consumes the oil...