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.
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 2001, the price of oil varied from a low of $15.54 per barrel in December to a high of $25.27 in February.
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.
Today Dec 09, 2008 the price for a oil barrel is 35.16 usd
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).
The price of oil can be attributed to supply and demand. Oil is a non-renewable source of energy. It is found naturally and if the earth hits the limit, it will stop producing. The demand for oil continues to rise as people need it to power their homes and vehicles. Because the demand is so high, and the supply is limited, this creates a higher price for oil.
There are 3 different types of Crude Oil, 1) Light sweet (WTI= West Texas Intermediate): High-quality, Sweet oil, traded at the NYMEX (Newyork Exchange) 2) North Sea Brent (Sourced from the North Sea): Light oil 3) Oman Dubai: Sour oil (Crude oil is light if if the density is low & heavy if the density is high. Sweet if sulfur content is low and Sour if sulfur is high). Now check the day today price at market....
An increase in the price of heating oil causes a decrease in the quantity of heating oil demanded.
the high pressure oil pump
around 1 year ago the price was $145.29 the record high.
They will produce less of it because when the price raises, the buyers want less of it because the price is too high.
The price of crude oil in 1982 varied:High: $30.80 per barrel in JanuaryLow: $27.64 per barrel in April
Today´s (4 October 2008) price of standard 380cST Heavy Fuel Oil is around 140 Euro/ton.
Yes in nDollars
A cause for high oil pressure could be related to the type of oil that is being used in the vehicle. Thicker based oils such as 10w40 and higher could cause high oil pressure.
Yes, very. Because of the tedious process and shipment it causes the price to increase.
Oil Price Hike is the increasing of the oil price.
Burning of fossil fuels such as coal or oil.
High oil pressure or a faulty oil pressure gauge.
IT MEAN THE PRICE OF HIGH SULPHUR FUEL OIL CST
the transporters of oil are having a hard time transporting the oil or the 1st batch of oil is used or bought by people even before the new batch arrives.
I see this is not in the economics section and it is an economics question.Inelastic: Price does not vary quickly with supply and demandPossible reasons:OPEC works to keep the cost of Oil constant and high.The oil companies have reduced the available additional capacity in the North American Market damping the price and supply fluctuations.Oil is a long supply chain product, this means that when the demand drops, the oil to make it was purchased months ago and the price will remain high until that oil is used up.Oil is a large stocking item at both supply terminals and the gas station. This means the fuel you buy today was purchased at the station as much as a month or more ago.Gas is a large cost item for the station and the price charged for it today MUST cover the purchase of replacement supplies.One of the above reasons works in reverse to the way you would think so use the examples carefully
Like everything else, it is supply and demand. There are artificial stimulations to the market that require time to sort out. For example, the current high price of fuel oil, not only creates high production costs, but also a higher demand for feed corn supplies by the ethanal production industry.