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When existing supply cannot meet current demand, prices increase, because more people are competing for less oil. Speculation can also play a role in pushing prices higher in the near term, but it also produces a downward pressure on prices later when the speculated oil is released for resale. Mostly high demand, especially by newly industrialized countries like China.
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How would local and world economiesmarkets be affected by the change in oil supply and prices?
if oil prices go up, then so does everything else
Why are gas prices going up everyday?
Because oil prices are going up so gas companies have to raise their prices so they can make a profit and not go bankrupt.
When did oil prices go up?
Most recently because of the turmoil in the Middle East.
What are the factors of increasing of the petrol price?
Gas prices are set by a supply and demand system. If something happens that effects that system then the price can go up or down. Gas prices will go up in the United States when a Hurricane hits the gulf of Mexico coast and the Oil processing plants and Oil rigs have to close down. The demand for the oil/gas goes up and the supply goes down so the prices go up. In a situation like the Swine flu gas prices are going down because the demand is going down while the supply is going up. As the demand for gas/oil goes up the prices will follow.
Can a mayor lower gas prices?
No. Gas prices go up and down with how much the barrels of gas from the oil companies cost.
Will crude price go up?
Oil industry-funded studies on the issue have limited sway with crude oil prices go up, is that going to change gasoline prices in the United States.
How would local and world economiesmarkets be affected by the change in oil supply and prices?
if oil prices go up, then so does everything else
Does the oil spill in the gulf make oil prices go up?
It would most likely go up because we lost tons (and counting) of oil, so we have to make up for that with more money.
Will gas prices go up again this summer?
Due to higher demand in summer, prices tend to go up. Also, accessibility of crude oil is a major factor.
Why are gas prices going up everyday?
Because oil prices are going up so gas companies have to raise their prices so they can make a profit and not go bankrupt.
When did oil prices go up?
Most recently because of the turmoil in the Middle East.
What are the factors of increasing of the petrol price?
Gas prices are set by a supply and demand system. If something happens that effects that system then the price can go up or down. Gas prices will go up in the United States when a Hurricane hits the gulf of Mexico coast and the Oil processing plants and Oil rigs have to close down. The demand for the oil/gas goes up and the supply goes down so the prices go up. In a situation like the Swine flu gas prices are going down because the demand is going down while the supply is going up. As the demand for gas/oil goes up the prices will follow.
Can a mayor lower gas prices?
No. Gas prices go up and down with how much the barrels of gas from the oil companies cost.
Will air fares to Ireland go down?
It all depends on oil prices. If oil prices go down, then yes.
How have changes in it price of oil affected Mexico?
it has affected Mexico because when the cost of oil goes up then all the prices of gas and stuff like that go up!
Why is it when Petrol prices go up food prices go up but when petrol prices go down food prices remain as they are when petrol prices start to go up again food prices go up so the consumer cant win?
you got it all in one!
Where can one find the most up to date information about current oil prices?
The best place look for current oil prices is online at websites such as Gas Buddy, The Oil Drum, and Oil Price. You can also find up to date oil prices on Yahoo's financial section.
