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Weakening of the US economy, dollar depreciation, inflation, world speculative investments, Venezualan bad relations, OPEC greed, and obviously the great instability of Iraq coupled with the explosion of many oil refineries in Iraq during the war.
Fossil fuels are a finite resource. One day they will run out. What we are consuming in Oil & Gas are the prehistoric tropical rainforests & vegetation stored within the earth over millions of years. We are burning these resources at an ever increasing rate & they cannot be replaced. All of a sudden the world is changing and countries which have been seen as Third World, principally China & India (& others) are becoming major players in the world economy. What we in the 'West' are seeing at this moment in time on the News is us staring at the Abyss. We in the west are about to become very much poorer in world terms. Mark my words, we are becoming poorer, those of us that read these words, those of us that live in Europe & the US & possibly Japan & Australasia. Oh dear !
What else can I help you with?
What is the current platts price for automotive gas oil?
This is the price of crude oil. The amounts will vary depending on the supply and demand that is placed on the oil.
How do changes in supply and demand impact the equilibrium price of a product?
Changes in supply and demand impact the equilibrium price of a product by influencing the balance between how much of the product is available (supply) and how much people want to buy (demand). When supply increases or demand decreases, the equilibrium price tends to decrease. Conversely, when supply decreases or demand increases, the equilibrium price tends to increase.
How does scarcity impact economic decisions?
Supply and demand. When the supply is low the price usually goes up.
International oil prices are determind by?
Oil prices everywhere are determined by supply and demand through a market exchange like the NYMEX. It is done similar to how stock prices are done. When the supply is high relative to demand, people bid lower for a barrel of oil, when the demand is high relative to supply people bid higher for a barrel of oil. Speculators can also play in this game bidding up the cost of a barrel of oil. Interestingly enough, far too many people blame the oil companies when prices are high. While this can be partially true, since oil companies can withhold supply from the market, it generally does not hold true because there are many many different places where oil can be retreived. The supply of oil to the market can also be determined by the price. Oil companies will only supply so much oil at a given price before they will not supply any more unless the price is bid higher. Where the bid price equals what the oil companies are willing to supply you have an equilibrum price.
What is the price of oil?
The price of oil fluctuates daily due to supply and demand. The current price of crude oil on the New York Mercantile Exchange is $99.11 based on the most recent daily quote.
What is the current platts price for automotive gas oil?
This is the price of crude oil. The amounts will vary depending on the supply and demand that is placed on the oil.
How do changes in supply and demand impact the equilibrium price of a product?
Changes in supply and demand impact the equilibrium price of a product by influencing the balance between how much of the product is available (supply) and how much people want to buy (demand). When supply increases or demand decreases, the equilibrium price tends to decrease. Conversely, when supply decreases or demand increases, the equilibrium price tends to increase.
How does scarcity impact economic decisions?
Supply and demand. When the supply is low the price usually goes up.
International oil prices are determind by?
Oil prices everywhere are determined by supply and demand through a market exchange like the NYMEX. It is done similar to how stock prices are done. When the supply is high relative to demand, people bid lower for a barrel of oil, when the demand is high relative to supply people bid higher for a barrel of oil. Speculators can also play in this game bidding up the cost of a barrel of oil. Interestingly enough, far too many people blame the oil companies when prices are high. While this can be partially true, since oil companies can withhold supply from the market, it generally does not hold true because there are many many different places where oil can be retreived. The supply of oil to the market can also be determined by the price. Oil companies will only supply so much oil at a given price before they will not supply any more unless the price is bid higher. Where the bid price equals what the oil companies are willing to supply you have an equilibrum price.
How does products supply impact its price?
When supply increases and demand decreases, the price goes down. When supply goes up and demand stays the same, price also goes down. When demand goes up and supply either stays the same or decreases, then the price goes up
What happens when OPEC the production of oil?
If OPEC reduced output, then world supply will fall. Thus, as supply falls, the price will rise, and the profits of oil-producing countries increase. (In a demand-and-supply graph, the supply curve will shift to the left and you'll see the change in price.)
What is the price of oil?
The price of oil fluctuates daily due to supply and demand. The current price of crude oil on the New York Mercantile Exchange is $99.11 based on the most recent daily quote.
What monopoly was formed by oil-producing nations of the middle east to control the supply and price of oil?
OPEC
What happenes when OPEC reduces the production of oil?
If OPEC reduced output, then world supply will fall. Thus, as supply falls, the price will rise, and the profits of oil-producing countries increase. (In a demand-and-supply graph, the supply curve will shift to the left and you'll see the change in price.)
Why is the price of oil so high?
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.
What would cause a movement along the supply curve for oil?
A movement along the supply curve for oil typically occurs due to changes in the price of oil itself. If the price of oil increases, suppliers are incentivized to produce and sell more, resulting in a movement up the supply curve. Conversely, if the price decreases, suppliers may reduce production, leading to a movement down the supply curve. Other factors, such as production costs or technological changes, can shift the entire supply curve but do not cause movement along it.
What impact will short supply of material have on budget preparation?
A short supply will usually have the effect of increasing price. This is due to basic laws of supply and demand. If the price of raw materials increases, then the forecasted profit will be in jeopardy.
