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Gas Prices
Gas prices are based on the trading price of the oil commodity. They are commonly priced either by the gallon or by the liter and vary depending on where it is bought.
1,914 Questions
What is the cost of a gallon of gasoline in 1992?
In 1994, the US national average price of a gallon of regular gasoline was $1.11 - equivalent to about $1.63 per gallon in 2010.
What will be the gas prices in the year 2048?
Gas prices in 2048 will be apr. $ 32.00 dollars a gallon. they will hopefully not be around, but studies show that they will be around $6.00 a gallon! around 32.00 dollars! that is interesting!?
What is the real reason for high gas prices?
Well basic economics will tell you that usually two factors will work together to determine what the price of a product will be. The first is supply. The amount of any specific product that you have readily available to sell. And the second is the demand for that product. With essential products such as gasoline, there is always a demand and it is usually fairly predictable. During the summer, prices traditionally rise because it is an American tradition to pack the family in the car and go somewhere. When millions of people across the country do this at roughly the same time, this causes a huge spike in demand, allowing the prices to rise.
In the early part of 2009 we saw more and more however that although prices continued to fall on raw crude oil, (thus the cost of the base raw material was cheaper) while at the same time demand was dropping sharply as well as people had become accustomed to conserving gas during the huge price increase the year before. Most refineries were working at only 70% of their capacity in order to keep to much processed gasoline from hitting the market. Even so, the national oil reserves were reporting gains across the board.
So with massive increase in supply, and a fairly large decrease in the demand for the products, the market dictates that the price of oil should have dropped. Instead they started increasing. When all of the facts are looked at closely, it would seem that those who refine and distribute gasoline in the United States of America, had decided to band together and all increase their prices despite a failing market for their product.
Normally, a free market would regulate such a trend. If the price of something is out of line, you just don't buy it. This done on a mass scale would cause a business to lower their prices, or fail. However with essential items, such as food, and energy, the market cannot properly respond. Although we would love to give these price gougers the finger, we cannot simply not buy gasoline, as there is not a valid alternative.
Many of the antitrust and monopoly regulations that are a part of American Corporate Law are put into place so just such an incident cannot occur. However, the evidence increasingly indicates that the oil industry companies are doing exactly that. What's worse, is that nobody in any recent administration has taken the necessary steps to prevent such an event from occurring.
It is an interesting connection that while we were having the largest crisis based around the price of fuel in recent history, a former oil company CEO sat in the oval office, and Big Oil companies released the highest profits of any company ever in global history.
How much did gasoline cost in 1964?
As near as I can recall and as near as I have been able to find on the net (which corroborates my memory) the average price of a gallon of gasoline in 1964 was about .27 cents a gallon. I bought gasoline for my first motorcycle a Honda 90 in 1964 in Tulsa, Oklahoma and it was 16 cents per gallon, and even less during gas wars that stations had alot. Minimum wage then was $1.25 per hour. The Honda got 174mpg I could pay for 15,000 miles of fuel then by working 13 hours at minimum wage when I was 14 years old. In May of 2008 one would need to work for 20 weeks at 40 hrs per week to buy 15,000 miles for a 15 mpg vehicle. In 1964 one needed to only work for 4 weeks to purchase the same amount of fuel for the 15mpg vehicle to travel 15,000 miles. There are only 52 weeks in a year, so one needs to work nearly half a year at minimum wage in May of 2008 to travel the same mileage that four weeks work purchased in 1964.
How do gas prices affect families?
Gas prices effect families because as gas prices go up the economy is going down. This causes job losses no businesses and you may even have to give up some of your freedom to help your families.
What was the average price of gas in 1910?
The gas price in 1901 was estimated to be 4 cents per gallon CHEAP!!! compaired to now
What was the price for one gallon of gas in 1965 in the Dallas Texas area?
29.9 cents per gallon for regular, 33.9 for premium. There were "gas wars" (price wars between neighboring stations) from time to time that would drop that to 19 cents.
This was full service. Self service hadn't made an appearance yet, at least most places.
Full service meant they cleaned the windshield and back window, checked the oil and water, sometimes brake and transmission fluid, sometimes the tire pressure. Almost always said thank you.
Today you pay $3.39/gallon and don't even get the thank you.
In 2020..do you predict gas prices to be over 10 dollars per gallon?
In some places, it already is. When prices changed from five gallons per dollar, to 25 cents per gallon, many thought that was outrageous.
What was the Price of a gallon of gas in 1961?
The average price of regular leaded gasoline in 1961 was .31 cents per gallon.
What was the price of gas in 1948?
A gallon of gas cost 15 cents in 1944. It was only 35 cents in 1970 which means, adjusted for inflation, it was cheaper than in 1944.
Also the price in 1944 was kept fixed by wartime price controls since the beginning of the war and very heavily rationed. If people needed to do any extensive traveling by car in 1944 they picked up as many hitchhikers as they could and if the hitchhikers had any gas ration coupons in their ration books the driver made use of them too.
How much is Gallon of gas price in 1950?
Gas was less than $.20 per gallon in 1950. With inflation it actually is cheaper today to buy a gallon of gas.
What The causes of the rise in food and fuel prices?
It all starts with oil, much of which (at least for the United States of America) comes from OPEC nations.
Crude oil is converted into gasoline. Oil is the primary source of automotive and airplane fuel, and home heating, just to name a few. Oil is also a big part of manufacturing plastics. All of these uses for oil limit the supply that can be used at any given time, which leads to the first cause:
Supply and Demand
As with almost everything, the price of goods is based on the demand of the public for said goods. In the case of oil, the more we drive our cars and trucks, fly in airplanes, the amount of time we spend each day with the heat on in our homes, and the amount of goods made from, or packaged with, plastic affects how much oil will cost. The more we use, the more it costs. The less we use, the cheaper it may be. It that old problem, when you want it, you have to pay more for it. When you don't want it, it's dirt cheap.
It's all about value.
Oil is more valuable during certain times. When summer rolls around, school is out for 2-3 months, families want to go on vacation, and that's going to require fuel. Local gas stations, OPEC, and/or oil companies raise their prices to get the most out of the consumer in this short time frame. More often than not, you'll notice a drop in gas prices shortly after classes resume for the new school year as demand for gas decreases.
There are times when the supply of gas/oil is reduced for reasons other than high consumption. An example of this would be during and after a natural disaster such as a hurricane.
The United States has many oil refineries in the Gulf Coast region, a region susceptible to hurricanes and tornadoes at any given year. These disasters do not just (economically) effect the states that are hit by them, but the country as a whole. Oil refineries can become damaged during an disaster event, equipment can be destroyed, and even the means to transport the gasoline around the country, including roadways, can be damaged or blocked in some way as to limit and/or slow the supply of gasoline.
The same can be said, though to a lesser extent, unless on a large scale, for man made disasters such as the oil spill in the Gulf of Mexico in 2010.
War
As has been mentioned, conflict and war in oil-producing nations can cause a dramatic change in the price of gasoline. Since these nations are the ones that provide the oil, when a conflict rages, it can, and will, affect the supply of oil, as not as much, if any, oil will be able to flow from that nation to the rest of the world until the conflict ends.
Oil Speculation
A lesser discussed, but still large part of the rise and fall of oil prices is the involvement of oil speculators. These are people who invest their money into oil through futures contracts. A futures contract is an agreement made by two parties on the trading floor of a futures exchange to by a commodity (like oil, gold, etc.) at a fixed price in the future.
Speculators, or investors, some say, have a vested interest in keeping supply low so that they make more money in the future from their investment. They play a part in restricting the amount of oil that flows into the market, limiting supply and increasing demand, thus making more money from high prices while the consumer pays far more than many can afford.
What is the average price of regular gas in the US?
as of now I believe the average is almost $3 per gallon. in my town gas is $3.69 per gallon in some places and ONE gas station has it at $4 per gallon.
What was the average gas price in 1982?
In 1980, the US national average price for a gallon of regular gasoline was $1.25 which equates to about $3.31 per gallon in 2010 dollars.
What was the price per gallon of gas in 1978?
In 1978, the US national average price of a gallon of regular unleaded gasoline was 67 cents. That is equal to about $2.24 per gallon in 2010 dollars. Also, you could still buy leaded gasoline in 1978, which was 63 cents per gallon.
How much did a gallon of gasoline cost in 1950?
How Much things cost in 1950
Yearly Inflation Rate USA 1.09%
Average Cost of new house: $8,450.00
Average wages per year: $3,210.00
Cost of a gallon of Gas: 18 cents
Average Cost of a new car: $1,510.00
Stromburg Black and White Television: $249.95
Ball Point Pen: $0.25
Samsonite Case: $25.00
Clock Radio: $59.95 Source: http://www.thepeoplehistory.com/1950.html
What is causing the rise in the price of oil?
The rise in the price of oil can be traced to a a simple factor, but there are several other contributing factors.
The simplest explanation is that the demand for oil is greater than the current production. When demand exceeds supply, price will increase as people are willing to pay more to ensure that they get their scarce resource (oil in this case).
Depending on your political views and knowledge of the situation, you may also believe that the production of oil is much lower than capacity because certain middle-eastern countries know that America depends on oil imports more than other countries. An increase in oil prices will lead to a slightly weaker US economy.
If you want to know why gas is more expensive, see the simple reason above but also factor in the greed of the oil companies. Unfortunately, Americans have put themselves in a position where they consume very large quantities of gas, and they have no other legitimate fuel alternative. What this means to gas companies is that they can increase the prices substancially, and because Americans "need" so much gas, they will be forced to buy it at the higher price (or go without driving).
The other reason is that OPEC is a large cartel arrangement that has the sole purpose of profit maximisation as a whole. Thus they set the industry MR and MC to maximise profits for the industry as a whole as opposed to competing amongst each other - this allows OPEC to effectively limit the output so that it corresponds to the profit maximising level and drive up the price.
Ancillary industries are companies that manufacture parts for larger companies. Most ancillary industries are considered non essential in the business world.
It's all about supply , demand, and Profit. That is not what anyone in politics is looking for. The fact is we make a ton of money on the taxes from this product. More then the oil companies do. Under the current administration we are doing everything we can to cause the price of fuel to go up, both through taxes and capping production. If you want oil to go down, start allowing the drilling of oil off shore, start using the 400 plus year supply we have in Colorado and North Dakota.
The cost of oil is rising because that is what our current government wants to happen.
In 2007, the US national average price of a gallon of regular gasoline was $2.80. That is equal to about $2.94 per gallon in 2010 dollars.
