Gasoline Price Changes - Federal Trade Commission

such as ethane, ethylene, and propane.
THE DYNAMIC OF SUPPLY, DEMAND, AND COMPETITION
14. PETROLEUM MERGER REPORT, supra note 1, at 65. A decline in residual fuel oil consumption, which began in
the late 1970s, is attributable largely to its displacement by natural gas and distillates for electricity generation. Id.
15. EIA, PETROLEUM CHRONOLOGY OF EVENTS 1970-2000 (May 2002), at http://www.eia.doe.gov/pub/oil_gas/
petroleum/analysis_publications/chronology/petroleumchronology2000.htm.
16. See Chapter 3, infra, Figure 3-6.
17. INT’L ENERGY AGENCY (IEA), OIL MARKET REPORT, ANNUAL STATISTICAL SUPPLEMENT FOR 2002 AND USERS’
GUIDE, Aug. 11, 2003, at 16 tbl.8, at http://omrpublic.iea.org/omrarchive/sup2003.pdf. In 1987, China’s demand for
crude oil was 2.06 million bpd; by 2001, China’s demand had grown to 4.67 million bpd. Id.
18. Id. India used 1.02 million bpd in 1987 and increased its demand to 2.27 million bpd by 2001. Id.
19. EIA, MONTHLY ENERGY REVIEW, Apr. 2005, at 155 tbl.11.2, available at http://tonto.eia.doe.gov/FTPROOT/
multifuel/mer/00350504.pdf.
20. Id. at 43 tbl.3.1b.
21. EIA, Supply, in OIL MARKET BASICS, at http://www.eia.doe.gov/pub/oil_gas/petroleum/analysis_publications/
oil_market_basics/default.htm (last visited June 28, 2005). IEA, OIL MARKET REPORT, Oct. 12, 2004, at 4, at
http://omrpublic.iea.org/omrarchive/12oct04full.pdf. The term “former Soviet Union” includes the following
countries: Armenia, Azerbaijan, Belarus, Estonia, Georgia, Kazakhstan, Kyrgyzstan, Latvia, Lithuania, Moldova,
Russia, Tajikistan, Turkmenistan, Ukraine, and Uzbekistan.
22. See PETROLEUM MERGER REPORT, supra note 1, at 151-53 tbl.5-6 to 5-7.
23. See id. at 137-38 (OPEC countries accounted for 80 percent of world crude oil capacity in 2000). See also
American Petroleum Institute, Responses to U.S. Federal Trade Commission Questions Regarding Factors That
Affect Prices of Refined Petroleum Products 1 (Public Comment, Apr. 19, 2002) (responding that worldwide proven
crude oil reserves rose from 700 billion barrels in 1985 to 1,032 billion barrels in 2001, but non-OPEC reserves
declined in that period from 227 billion barrels to 219 billion barrels), at http://www.ftc.gov/bc/gasconf/comments2/
020419apiresponses.pdf.
24. EIA, Oil Production, in DOE/EIA-0520, INTERNATIONAL PETROLEUM MONTHLY, Annual tbl.4.4, “World Oil
Supply 1970-2003,” at http://www.eia.doe.gov/ipm/supply.html (last modified May 12, 2005).
25. It is important to note that OPEC crude oil production did not stay constant during each year from 1974 to 2003;
there were dips and rises in response to changes in world crude demand.
26. See EIA, DOE/EIA-0560(98), NATURAL GAS 1998: ISSUES AND TRENDS 175 app.B (1999), at
http://www.eia.doe.gov/oil_gas/natural_gas/analysis_publications/natural_gas_1998_issues_and_trends/it98.html.
27. EIA, MONTHLY ENERGY REVIEW, Mar. 2005, at 46-47 tbl.3.2a-3.2b, available at http://tonto.eia.doe.gov/
FTPROOT/multifuel/mer/00350503.pdf.
28. PETROLEUM MERGER REPORT, supra note 1.
29. Id. at 145-47 tbl.5-3.
CHAPTER 2: WORLDWIDE SUPPLY, DEMAND, AND COMPETITION FOR CRUDE OIL 33