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What will happen to the price of oil when there is a surplus in the oil market?
It will go down!~
Why crude oil price reduced in 2008?
As a result of a downturn in the worlds economic activity the demand for crude reduces causing the price to go down.
How is the economy affected if new technology permit more oil to be extracted?
The price of oil would temporarily go down, but when we run low from the 2x extraction speed and therefore the price would soar. Again.
What are the possible solutions for oil price crisis?
Well, if we keep using oil, then the price will keep going up. I think the best possible solution is to start using more alternate fuel sources, then the price of oil will go down with the demand for it. Besides, if we keep using oil, there will be none left, since it is a nonrenewable resource.
How was the economy of Mexico affected when the price of oil went down?
They did not have enough oil for their lawnmowers so the economy went way down.
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.
What was the price of fuel four weeks ago?
The price of fuel four weeks ago was around 3.54 a gallon depending on what area of the country you live in. Fuel prices go up and down daily as does the price of oil.
What are the main determinats of price elasticity?
Well as demand increases the price will usually go up. As supply increases the price will usually go down. On the other hand if demand decreases the price will usually go down. If supply decreases the price will usually go up.
How rise in crude oil price affects the plastic industry?
Plastic is a by product of oil therefore the price should go up
Will air fares to Ireland go down?
It all depends on oil prices. If oil prices go down, then yes.
Why natural gas price are increasing?
Because its expensive to build power stations and transport but once people use crude oil less then it will go down because money would go into natural gas production instead of crude oil
If a business overstocks a product will the price go up or down?
down
