3 EM 1 -19/08/22

Crude oil prices are getting higher and higher and there is not much that we can do about it as individuals. We cannot change the prices, we can only hope that the prices are affordable, and if they are not we might as well turn to another source of energy. But there surely must be a reason for these oil prices being so high. Current crude oil prices are very high compared to their cost say a decade ago. The US government however does influence the cost of current crude oil prices and will continue to influence the prices. I am going to go into detail on what the US government do to control the flow of crude oil to the US as well as the influence that they have on crude oil prices in the US.

U.S. newspapers announced this week that Congress is expected to ratify a free trade agreement (FTA) with Peru before its Nov. recess. The FTA will eliminate 80 percent of U.S. export tariffs to Peru with the remaining 20 percent to be phased out over the next 10 years. While U.S. lawmakers argued over the inclusion of labor and environmental provisions, no comment was made about the impact the FTA will have on regional integration efforts in South America.