Civics Today: Citizenship, Economics, & You

"Supply of Products"

Introduction
In this chapter you learned that supply is the amount producers are willing and able to sell. There are many factors that can affect the supply of a product. In the United States the supply of oil affects many areas of American life. A rise in the price of oil can lead to inflation and recession. Oil can be found in many different regions of the United States. In some of these areas laws prevent the exploration and production of oil.

Destination Title: Arctic National Wildlife Refuge

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Directions
Start at the Arctic National Wildlife Refuge’s home page.

• Click on Index.
• Scroll down to “Archives” and click on Potential impacts of development.
• Click on How much oil is in the Arctic Refuge?

1			If the price of oil is $24 per barrel, how much oil is believed to be recoverable from the Arctic Refuge? At $16 or less per barrel? Why is there such a large difference in the amount of oil recovered?
2			How much oil is currently being produced in areas to the west of the Arctic Refuge?
3			How much oil do Americans use?
4			Name two animal species that live in the Arctic Refuge.
5			After studying the information on this site, take a stand on whether or not the Arctic Refuge should be opened up for oil exploration and production. Consider the effects of an increase in oil supply on the United States. Prepare to defend your position in a class debate on this issue.