People Need to Know

Topics: Crime, Unemployment, Economics Pages: 3 (1191 words) Published: April 21, 2013
For more than a decade people speculated and often times proved why our economy has suffered from high gas prices, unemployment, and crime rate. People need to know why there are a number of contributing factors for each of these things. Gas prices have been on the rise for a quite some time. One of those reasons is BP oil had a major catastrophic event when one of its wells blew in the Gulf of Mexico on April 20, 2010. When nearly 2 million gallons of Corexit were sprayed and injected into the oil before the well was capped. Thousands of gallons of oil spilled out to the sea, killing a substantial amount of plant and sea life, caused thousands of dollars in property damage, killing 11 people and making over 12,000 sick. Sabrina Canfield (2010) of Courthouse News Services reports that BP was well aware of a way to seal up the well to stop the flow of oil during the 87 horrific days, but chose against the implementation of the procedure so that the well could be usable again. BP has paid a total of nearly 8.8 billion US dollars as of June 30 for individual, business and government claims, including payments made by BP prior to the establishment of the trust, as reported by the Independent of (2012). This is the key reason for gas prices to rise. Iran has also played a substantial role in making gas prices as high as they are now. It has tried to block oil shipments through Strait of Hormuz after last year’s announcement from the U.S. and Europe sanctions to crimp Iran’s oil sales. Fahey (2012) reports, “The growth in global demand for oil has weakened in recent months as the economics of the West have sputtered and China’s economic growth has slowed. And oil supplies remain high because output has risen in Saudi Arabia, Libya, the U.S. and elsewhere”. As the summer winds down there should not be much of a spike in gas prices beyond $3.50 after that gas prices should fall sharply as supplies increase and refiners switch to cheaper winter...
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