Discuss the Variety of Ways Petroleum Is Used in the U.S

question 64

Essay

Discuss the variety of ways petroleum is used in the U.S. economy. Explain how vital those uses make oil to the U.S. economy.

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Definitions:

Equilibrium Quantity

The quantity of goods or services that are supplied and demanded at the equilibrium price.

World Price

Goods or services' market rates internationally, steered by the universal dynamics of supply and demand.

Domestic Consumers

Individuals or entities within a country that purchase goods and services.

Domestic Producers

Companies or individuals that produce goods or services within their home country.