Partially, it's a matter of "supply and demand". Asia is using far more oil than in the past. There is an economic surge in the Far East, and they are using much more oil than they have in the past. Couple that with the fact that the U.S. is using far more oil as well. We have more drivers driving more vehicles. We have more factories using more oil and electricity. Much of the electricity in the U.S. is generated by oil fueled generators as opposed to the nuclear generators that are used in much of the rest of the world. While Middle East oil fields are still generating oil, they are able to charge whatever they like, since Environmentalist extremists are preventing any possibility of drilling in the large, untouched oilfields of Alaska. We are also having trouble getting any kind of action in the oil shale and tar sands of the Western U.S. So it's only PARTIALLY supply and demand. We're being held back by the extremists and it's costing the ordiary people who only want to have a car to go to work.
today's Mazut price
There are several reasons for why the fuel and oil prices are so high. One reason is that the commodite traders bid up the price on the gas contracts. Another reason is beacause the oil prices are a bit rude today, mainly due to oil costs account for a large portion of the price on gasoline. So if the oil price rises so do the price at the gas station about six weeks later.
In 1997, the average price for a barrel of crude oil was $18.64 (about $30.00 in today's dollars).
In 1977, the average price for a barrel of crude oil was $14.40 (about $60.00 in today's dollars).
$86.01 as of today's market close.
In 2001, the price of oil varied from a low of $15.54 per barrel in December to a high of $25.27 in February.
Today Dec 09, 2008 the price for a oil barrel is 35.16 usd
oil in general is used i production of goods and services.. oil as in petrol oil can be used in manufacturing products and if oil price is high, cost of production would be on the increase so this will result in the increase in the price of that product.
Could be too thick of oil used.
In 1976, the average price for a barrel of crude oil was $13.10 (about $50.19 today).
An increase in the price of heating oil causes a decrease in the quantity of heating oil demanded.