Why do you think that gas prices are so high? And how long do you think that it will last?

Answer 1

Not to get political but Clinton allowed the 5 major oil companies to buy the smaller out (monopoly is not allowed in US). With that power they can charge what they want because there is plenty of money to go around. If you look at the profits of these companies it is outrageous. Now according to statistics-we have the same amount of oil coming in as last year and have used less (because of cost) and yet their profits were higher.
They claim they are preparing themselves in case of a future shortages. These 5 major companies also kick plenty in for campaign money to future Government who will leave them along. Who would pass a bill against the one who feeds you?
Until public outcry or a true cut off of oil from other countries the price will vary just a little here and there up and down but never where it was.

Answer 2

They're high because one of the 4 major factors going into the price of gas, crude oil, has gone up recently. It's been holding steady so gas prices have stayed about the same for the last month or so.

Crude oil prices are determined by the futures market, which got nervous about possible supply disruptions.

The person above who mentioned that there's enough oil in the Earth to last "forever" is probably incorrect. Even the Earth isn't going to last forever. The decay of dead plants (the process that actually makes oil) is pretty slow and I'm quite certain that the world is using oil at a faster rate than the plants decay, so at some point in the future (no one knows when), we'll run out eventually.

There's an article here describing the components for the price of gas: http://www.npr.org/templates/story/story.php?storyId=5365439

Answer 3

The world is not running out of oil... There is enough oil on this planet to last us forever. Man is constantly finding new wys to refine and use oil. The fact is, prices are high bacause oil companies know they can... They know that in todays world we will always have to have fuel, for transportation, energy, ect. They know that no matter how high they raise the prices the average consumer will still buy gas. I think it will last until somebody decides to enforce a lower oil price or until he war in Iraq is over... whatever comes first!

Answer 4

I honestly don't believe that we will ever see petrol under $1.00 a litre here in australia again, Mainly because of the ever increasing world oil prices but also because of the government. The federal government has an excise on petrol and then on top of that there is GST...so really a tax on a tax - It isnt hard to see where such a huge federal surplus comes from and it is disgusting!

NOT HAPPY JOHNY!

Answer 5

the gas prices will always remain high it seems to me. those politicians and oil comp. exec's will see to it. i would love to see a low cost alternate fuel vehicle come and put them out of business, but i don't want the economy to crash. why do i always hear an oil company making the most profit and the price always stays high. they suck and the consumer pays for it. always seems when something hits the news, the price has to go up. like a hurricane: price goes up, oil tanker crashes: price goes up, aaron spelling dies: price goes up. doesn't seem to matter, consumer can pay for it. they are trying to cash in now cuz someday, they will be out of business. i hope soon.

Answer 6

There are lots of short term reasons, but the sad fact is that the worlds oil supply is finite and getting smaller. The number of consumers for oil is getting larger. That means that the price of oil will never go down again. It will only go up.