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Oil is also running out, and as something runs out, its value rises, causing the price to rise.
Another reason is the turmoil that is spreading throughout the Middle East.
Hope this helps:)
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What is the meaning of oil price hike?
When the people responsible for price of oil raise it for no apparent reason.
How do I find information on high fuel and oil prices?
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.
Does the oil price rising influence the valve supplying?
Yes, it will. Oil price rises, the oil is more precious. People are paying more attention to leaking. The order in our DEMATERIAL is more than before. One reason is this.
How rise in crude oil price affects the plastic industry?
Plastic is a by product of oil therefore the price should go up
What happens to the price of oil when OPEC countries decide to limit product?
Price goes up.
Can you top up mineral oil with semi synthetic oil?
Yes you can. However, I do not see a reason to do that.
Does the price of oil affect the price of petrol?
Yes, petrol prices will move slightly to reflect the oil price, although in the UK the the oil cost is a very small part of the price per litre, tax and fuel duty makes up the majority of the cost. Also as petrol if produced through fractal distillation (separation of crude oil) the price of petrol is most likely to increase slightly through the price of oil.
Why does the price of oil increase?
For two reasons 1) Because there is a cartel OPEC that can set the price to whatever level they wish. 2) Because oil is a finite resource and we are using it up. As it becomes scarcer, the price will go up due the the laws of supply and demand.
What happens when OPEC breaks up?
Price goes up.
Does oil spills helps to increase the oil price?
Yes it does affect the oil price
What is the price of a barrel of oil?
As of September 1, 2012 the price of a barrel of oil is $96.48. To see the current price of a barrel of oil see the related link below, which gives the current price of oil.
Provide an example of an economic good whose producer would increase the quantity supplied if the price were to go up?
Oil, is an example of an economic good whose producer would increase the quantity supplied if price were to go up. The oil producing nations (o.p.e.c.) can control how much oil is supplied to the international market, and benefits by keeping the supply low, but when the price goes up due to demand going up, then they can increase the supply at the high price. (yahoo answers has this as an answer and it fits)
