In 1999, oil producers in the Middle East nearly tripled the price of crude oil. You might think that this would be bad for U. S. Oil companies that purchase crude oil and refine it into gasoline. However, gasoline producers saw their revenues and profits increase. Many reporters and politicians asserted that this was evidence that US oil companies had monopoly control of the U. S. gas market. Are they right?

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Rebecca Schmitt

Business

7 July, 20:33

In 1999, oil producers in the Middle East nearly tripled the price of crude oil. You might think that this would be bad for U. S. Oil companies that purchase crude oil and refine it into gasoline. However, gasoline producers saw their revenues and profits increase. Many reporters and politicians asserted that this was evidence that US oil companies had monopoly control of the U. S. gas market. Are they right?

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Keaton Colon · Answer 1

When the price of gas rises, it impacts how people travel, how goods are shipped, and how people formulate their budgets. When home heating prices climb, people have to decide whether or not they can afford to turn up their thermostats. When various goods have become more expensive because their components also cost more, people have to make difficult choices on what to buy.