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?
When ever they goes up, we feel happy. This is the only commodity we sell. It must be well priced. If it goes up we are happy.
In many different ways! Too numerous to mention. That price sets the pace for multiple industries and effects all that require transporting or transportation of any kind nearly. Gasoline is the primary which consumers all feel in their wallet most. The other industries are less obvious to us, we just see a price difference in items. And of course there is heat. needs:another consumer obvious drain in the pocket.
Companies that put out bids on contracts also need to include additional room in their bid in order to keep their profit margin. Freight, Buses, price to send or obtain materials needed for a job. Oh and lets not forget the air traffic. It trickles down for need for increased taxes for cities to pick up garbage, transport children to and from school and the cost of a business, any that has a building.
How about the cost for government, such as government buildings, army, navy, air force...trickle down to tax payers again. I am not aware of each and every way it effects me, but like you I feel it in my pocket at the gas station.
You have presented an excellent analysis. Oil is involved in virtually all parts of our lives and despite increased production in the United States, the global price of oil is being set by the OPEC cartel and that is not going to change anytime soon.
Larry it is such an intricate network it is scary! Thanks for identifying the entity that governs the price!
It doesn't affect me too much in a personal way. My wife and I share one efficient car, but use it only for errands, as she bikes to work and I work from home. We live in Florida and don't need heat in the winter and minimize our use of AC in the summer, too.
But it affects us very deeply in other ways. By keeping the price of gas near US $4/gallon, the oil oligopoly makes the fracting of shale oil affordable, ruining our environment for another 100 years as they have for the past 100 years and continuing us on a course of global destruction and social and environmental decay. In using oil in this way, our society is giving us a very messy, impoverished world to live in. For more on this, see my hubs on Go Green.
So, I continue to learn to shrink my ecological footprint and share sanity and love, instead of greed and entitlement and environmental abuse.
Sid: The fracking of shell oil is affordable is because the global price of oil has risen and remained relatively stable. I will not contend that fracking is 100 percent safe, but it has actually been in use for years, before the shale oil boom.
Safety of large geological processes is only demonstrated over centuries of use. Even fishing was safe until it became over-fishing. &I think that the price of oi is being set by oligopoly to fund fracking & burning oil from any source is no
Oil price affect my budget alot since it is extra amount out of your pocket. Also I notice that everytime oil prices goes up everything else will soon follow.
As a student, it also affects not only my transportation cost,but,as well as for foods and other staff in the market.Since, those also suffers in oil price rising that result to higher cost.
The price of gasoline and other petroleum products is ridiculous and affects our family budget tremendously. We live out in the country and we have to do a lot of driving to get anywhere. Plus we live in New England (cold climate) in a large house heated with oil. Even with a wood-burning stove we go through hundreds of gallons each year - last fill-up I paid something like $3.60 per gallon. Nuts. BUILD THE KEYSTONE PIPELINE NOW!
It affects us in higher costs of food, fuel and every need met in our country and others. It may be the result of a needed new line of limousines by a wealthy sheik or a calamity experienced while a middle eastern gent rolls over in bed and passes gas. We should all hope to God that some day soon another better source of fuel will be discovered and processed and that we shall not have to depend on dinosaur poop the rest of our lives for fuel!
In the US... gas prices fluctuate so frequently and every state has a different price. I moved from Louisiana to Washington state and have experienced an increase of about .40 cents a gallon. That may only be 4 extra dollars when filling up, but thats another 20 or so I have to spend a month. An extra 240 I don't want to spend every year.
I notice that a large portion of my budget goes to putting gas in my tank to commute to work, however, the pinch that I feel the most is at the grocery store. Every time the price of oil goes up, the cost of food goes up as well.
I am trying to avoid that by buying local foods as much as possible.
More spending on everything because of the gas prices affect all of us, but my biggest issue is I can't hang on to cash as well as I use to. Savings are important to have something to fall back on in the future, but so is a stash of cash tucked away somewhere to be used as needed for emergencies which could pop up at any time.
It affects me as it does to everyone else, except government and high level officials. One day you think, if you have Rs 200million, it will be enough to spend your life. The next day, oil price rise by Rs 1 and changes the cost we estimated for transportation, food and other misc spending. Over all your estimation that was working fine till last night crashes and you have to trash it and make a new one. Salaries however do not increase at the same pace and we end up dieing of Slow Agonizing and Miserable Death for years to come, until new hike strikes which paces up the speed at which we die.
I often wonder, why do we have such awful system of money?Don't you?
Goods are transported by truck. The cost of oil goes up. The cost of diesel goes up. The cost of transporting food does the same thing. Hence food becomes more expensive. I have this habit I find hard to break. It's called three square meals a day.
Interestingly, in Illinois the tax on the fuel stays mainly with the local government - yes there is a state tax but the municipal tax resides with where you purchase your gasoline.
Here in Wisconsin, the tax proceeds simply go to the state, I believe.
This should be a huge item for those living between states in America but yet the thought process has not yet emerged that where you pay the taxes could stay. We need to be conscious of purchasing decisions and recognize how it could affect our taxing jurisdictions.
It takes away from my food money usually. I save two dollars each fill up time by going to the same place instead of going to Shell. So that saves a meal a month.
We are paying $4.04 in Los Angeles. We recently traveled out of State to Utah and Arizona where the price of a gallon of gasoline is $3.67!! Reason we pay so much: ridiculous taxes by the State of CA to pay for gold plate pensions of State government workers. State workers can retire at age 55 and receive 70% of their income with full medical benefits. They are still young enough to pursue a 2nd career and get another pension!!
High oil prices translate to less work for me. I make my money working outside an office and being in Southern CA, it is not uncommon to travel 100-200 miles a day. Mass transit is a joke in CA. It never works. A car commute that takes 45 mins can take 2 hours in Los Angeles!!
I live in the US and I can honestly say that the oil and gas prices have really hurt my family. We as a society need to find better way to heat our homes, water and run our cars.
We have oil tanks in Connecticut for heat and hot water so this has a significant impact. Although I kept the heat low as much as possible in the Winter we still had to pay at least $1000/month in addition to all other utilities.I'm so happy the warm weather is finally here!
I live in the country and with these high gas prices, I now only go into town once a week and do all of my errands while I am running around town. If I forget something, I just wait until my next trip into town.
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