What do you think makes the price of gas so high?
Is it the company making the prices go up, or is it another factor like, exporting/importing, etc.
I think it may be the fear that Libya may continue with it's war against it's own people, leading to an oil supply scare as the rest of the world has to go to war with Gaddafi.
Oil Prices are affected by many things. Supply and demand are the primary causes of price fluctuations. Speculators are another cause. Speculators can cause wholesale oil prices to shift drastically up or down usually in the short term. Production by the oil producing nations also has a huge impact on oil prices. Nations like Saudi Arabia, who have the most oil reserves, can affect the world price just by announcing production increases or decreases........even if the projected increase or decrease is not immediate. Likewise an announcement of a "new" oil discovery can push the prices downward to reflect the potential increase in the world's supply. In the end oil prices are affected by many things out of our immediate control. The last thing I will mention, in closing, is that the gasoline prices you pay at the pump contain something else that has a huge impact on the retail price......taxes...federal state and local governments all take a piece of the action and in doing so drive the price of gasoline ever higher....
Check out my hub - it's exactly about this:
by Aqeel Saeed 10 years ago
It fluctuate between $ 148 per barrel to $ 33 per barrel.
by Scott Belford 7 months ago
After oil prices came down to record lows after the Great 2008 Recession during the Obama administration, they have skyrocketed since Trump took office. Around the beginning of 2016, Brent Oil prices were around $30/bbl. Today, they are north of $80/bbl.Why?
by Ben Evans 9 years ago
We are in a recession and demand for oil has dropped yet we still see prices rise. This is while supply is actually abundant. Some people say there is a glut.Oil demand in economic terms is described as inelastic. This means that a rise in prices will not affect consumption or...
by Lgali 10 years ago
Oil Prices Going up Means Economy is Doing Good..
by karl 6 years ago
How do oil prices affect you?My transport costs have risen by £47 ($77.99) over the last 6 months this has put a strain on my personal budget how does it affect you?
by Jane Stevens 8 years ago
Truck drivers couldn't fill their rigs, Airlines couldn't afford to fuel up, shipping prices drove prices up on the shelf, companies started laying off people, the job market started falling in big numbers, the automobile manufacturers started losing sales and faced bankruptcies, loan defaults...
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