It affects so many different things (besides what is mentioned above by the other).
Here is a list of the many, many products that use petroleum to be made--Both lists are found on the same link. It seems that once I tried to click on the links that I provided, it said they couldn't be found.
There are roughly 6000 items made from petroleum. Only 19.4 gallons of gasoline are made from a 42 gallon barrel of oil. The rest is consumer products and things we rely on a daily basis.
It would be literally impossible to list all the things made from petroleum, but as you can see, when oil prises rise, so do many other things.
And, to boot, think of when these products get transported. By vehicles that need gasoline. Shoot, even precious metals increase in price because they need machinery to dig them out of the ground and then to refine them.
The following is just a partial list (could you imagine me researching and finding out every product that is affected by the price of oil?).
Here is a list of the many, many products that use petroleum to be made--First list found on http://www.saveandconserve.com/2007/05/p鈥?/a>
ammonia
anesthetics
antifreeze
antihistamines
antiseptics
artificial limbs
artificial turf
aspirin
awnings
balloons
ballpoint pens
bandages
basketballs
bearing grease
bicycle tires
boats
cameras
candles
car battery cases
car enamel
cassettes
caulking
cd player
cd's
clothes
clothesline
cold cream
combs
cortisone
crayons
curtains
dashboards
denture adhesive
dentures
deodorant
detergents
dice
diesel
dishes
dishwasher
dresses
drinking cups
dyes
electric blankets
electrician's tape
enamel
epoxy
eyeglasses
fan belts
faucet washers
fertilizers
fishing boots
fishing lures
fishing rods
floor wax
folding doors
food preservatives
football cleats
football helmets
footballs
footballs
gasoline
glycerin
golf bags
golf balls
guitar strings
hair coloring
hair curlers
hand lotion
heart valves
house paint
ice chests
ice cube trays
ink
insect repellent
insecticides
life jackets
linings
linoleum
lipstick
luggage
model cars
mops
motor oil
motorcycle helmet
movie film
nail polish
nylon rope
oil filters
paint
paint brushes
paint rollers
panty hose
parachutes
percolators
perfumes
petroleum jelly
pillows
plastic wood
purses
putty
refrigerant
refrigerators
roller skates
roofing
rubber cement
rubbing alcohol
safety glasses
shag rugs
shampoo
shaving cream
shoe polish
shoes
shower curtains
skis
slacks
soap
soft contact lenses
solvents
speakers
sports car bodies
sun glasses
surf boards
sweaters
synthetic rubber
telephones
tennis rackets
tents
tires
toilet seats
tool boxes
tool racks
toothbrushes
toothpaste
transparent tape
trash bags
tv cabinets
umbrellas
upholstery
vaporizers
vitamin capsules
water pipes
wheels
yarn
Second list found on http://www.saveandconserve.com/2007/05/p鈥?/a>
air conditioners
ammonia
anti-histamines
antiseptics
artificial turf
asphalt
aspirin
balloons
bandages
boats
bottles
bras
bubble gum
butane
cameras
candles
car batteries
car bodies
carpet
cassette tapes
caulking
cds
chewing gum
combs/brushes
computers
contacts
cortisone
crayons
cream
denture adhesives
deodorant
detergents
dice
dishwashing liquid
dresses
dryers
electric blankets
electrician鈥檚 tape
fertilizers
fishing lures
fishing rods
floor wax
footballs
glues
glycerin
golf balls
guitar strings
hair
hair coloring
hair curlers
hearing aids
heart valves
heating oil
house paint
ice chests
ink
insect repellent
insulation
jet fuel
life jackets
linoleum
lip balm
lipstick
loudspeakers
medicines
mops
motor oil
motorcycle helmets
movie film
nail polish
oil filters
paddles
paint brushes
paints
parachutes
paraffin
pens
perfumes
petroleum jelly
plastic chairs
plastic cups
plastic forks
plastic wrap
plastics
plywood adhesives
refrigerators
roller-skate wheels
roofing paper
rubber bands
rubber boots
rubber cement
rubbish bags
running shoes
saccharine
seals
shirts (non-cotton)
shoe polish
shoes
shower curtains
solvents
spectacles
stereos
sweaters
table tennis balls
tape recorders
telephones
tennis rackets
thermos
tights
toilet seats
toners
toothpaste
transparencies
transparent tape
tv cabinets
typewriter/computer ribbons
tires
umbrellas
upholstery
vaporizers
vitamin capsules
volleyballs
water pipes
water skis
wax
wax paper
Solvents--http://www.saveandconserve.com/2007/05/p鈥?/a>What does the price of oil affect in the economy?
oil is a key factor in the cost of transporting goods, so virtually anything that is moved from one place to another on the path from harvesting the resource, to processing it into a product and then delivering it to the point of sale would be affected.
To the extent that gas and electricity are substitutes for oil in some cases, you will also see the price of those commodities rise as plants and consumers shift from oil to gas or electric energyWhat does the price of oil affect in the economy?
EVERYTHING - even down to the milk and eggs you buy from the grocery store. Truckers are going on strike because its no longer viable for them to continue hauling goods with the current price of diesel over $4 a gallon. and as u can imagine it affects every kind of transportation.
-airline industry
-auto (has also caused new legislation from Bush administration to make cars get better m.p.g. by 2025)
-The 12 member nations of OPEC are refusing to increase output of oil (cant blame them - when u have countries like us and eu pursuing alternative energy like bio fuels/fossil fuels/ solar etc. )
It affects the cost of all transportation such as personal driving and the transportation industry which in turn affects everything they transport such as food.
It has a favorable effect on the value of your investments in the oil, gas producing companies, dilling companies and well servicing companies.
Oil should be even more expensive, as US dollar plummets, the price of Oil must increase.Commander Chavez said a fair price will be 200 ( now).
It does affect many things, the question now is how to stop the oil price going up further?
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