Today oil is one of the most important commodities in the international market and in the world economy. Most of the world uses oil to power their cars, heat their homes, and run expensive machinery, and as more and more of the world modernizes with more cars and more people, the price of oil continues to rise. In the last 12 months the price of oil has increased by 30% and is well above the target of 22-28 dollars set by the OPEC (Organisation of the Petroleum Exporting Countries) oil cartel. This article will address various questions about the oil and gasoline market and explain the situation of this market since the beginning of the 20th century. When you first look at the US oil supply graph you see some shocking results. Since the 1970s, daily U.S. oil production has been steadily declining. In 1984 and 1985, the nation saw hope in the oil market when Texas began pumping more oil than most of the other 11 OPEC countries. During that time Texas produced more than 74 million barrels of crude oil, making it one of the 15 largest oil producers...