Why are gas prices soaring?

Question

I've heard a couple of answers, but what is the main reason?

Answer 1

Gas prices just dropped over the weekend. They were speculating that the added security in airports would lead to reduced flights (less demand for fuel) and the Alaskan pipeline didn't shut down 100% as feared.

Answer 2

Most of the natural gas is in the middle east and Alaska. Alaskan gas pipes have been leaking so they're shut down for repairs and, well, i don't honestly think any Middle Eastern country really likesthe U.S. right now and they know how much gas is in need so they sell it higher than usual. Not to mention gas is a fossil fuel and fossil fuels are quickly running out.

Answer 3

Many reasons, China and India are becoming industrialized, they are building reserves. The actual price is determined like stocks, by speculation. So the more people freak out about gas prices the more they go up.
Tax is another big factor.

Answer 4

no longer uncomplicated to really say with refineries operating at in basic terms 88% and each and each of the oil organizations have complete disclosure on eachother, and with oil organizations supposedly making in basic terms 18 cents in accordance to gallon of gas...yet I recommend that's gas, for crying out loud. I recommend, a gallow of milk is often 2-3 funds, and a gallon of pepsi and coke might want to be more effective like 4-5 funds, so the reall difficulty with the fee is that we purchase like 15 gallons at a pop. in accordance to threat if the 80 cents or so in taxes in accordance to gallon weren't as extreme the fee might want to be more effective sensible. The oil organizations and their associates in authorities acceptable now fairly muchg havew us by technique of skill of the the speedy hairs, in order to communicate. likely extreme expenditures are many cases the end results of an marketplace that has no actually competition.

Answer 5

So George Bush, Dick Cheyney, Rumsfield and all the other CRIMINALS like them can get RICH!

In 2005 we were running around scared as gas consumers after Katrina hit and they claimed a major pipeline was destroyed and as such we would not have adequate gas supply.

LIES....LIES....ALL DAMN LIES!!!!. In 2005 the oil companies in the US made record breaking PROFITS!! They reported the highest profits ever, while consumers were struggling to pay almost $6.00 per gallon of gas in some places!

Yep Bush owns offshore oil wells (he gets to evade taxes too!), Cheyney has Haliburton in his pocket.

Answer 6

1. Oil is $73/bbl, give or take
2. Environmentalist won't allow us to build more refining capacity
3. Environmentalists have succeeded in passing legislation to have multiple and specific gas blends for all different parts of the country and for different times of year, causing the refineries to have to guess about what type of fuel mix to create which can result in shortage of a specific type, even though plenty of gas (overall) is available.

In that order.

Answer 7

1. Middle East turmoil (and Iraq's production now is less than under Saddam; Iran is no friend of ours)
2. BP concealed the state of its pipelines in Alaska, and when one leaked badly (I mean seriously badly, with horrendous environmental consequences) it had to shut them all down for repairs.

But hey, yesterday I paid about $8 a gallon to fill up (£0.95 per litre) here in London, England.

Answer 8

well, you got the whole thing in the middle east where most of the gas is, and then BP with their pipe lines in Alaska,

Answer 9

The law of supply and demand. Your choices are cheap, available, and good quality. You get to pick any two.

Answer 10

Because demand is high and supply is down.

Economics my good man.