2006-09-18 12:34:42 · 17 answers · asked by ricstr03 2 in Cars & Transportation ➔ Other - Cars & Transportation
More production worldwide, if the supply is greater than the demand. The oil companies don't control oil prices. If they did in 1999 when oil was $12 a barrel and it cost $14 to produce, they would have done something about it.
OPEC controls the prices.
2006-09-18 12:43:33 · answer #1 · answered by eferrell01 7 · 0⤊ 0⤋
Several reasons, although Supply isn't quite as big a reason as others think. Mainly it's the futures market that's relaxing. They estimate what the price will be within the next month based on global events, severe weather patterns, global economy, competition, probably a dozen other factors I can't think of right now. Unfortunately future predictions affect the current prices as well. At the moment, another major war in the mid-east seems to have been averted. No major hurricans have struck the oil producing gulf region yet this year - actually a much milder hurricane season then predicted so far. The fact that the BP fields in Alaska didn't have to be completely shut down, and the announcement of the huge new oil field in the Gulf also made a dent on the futures market.
Another large reason is refineries may be switching to their winter formulations. Supposedly cheaper to produce, and easier to make. Likewise they may be just getting rid of the last of their summer stock at a discount.
In any case, enjoy it while it lasts! As we've found out the last few years, all it takes is a war somewhere around the world, a major terrorist attack, or a killer storm to jack prices back up again. For the moment all I can say about the price is Drop baby drop!
2006-09-18 12:46:38 · answer #2 · answered by gshprd918 4 · 0⤊ 0⤋
The usual answers plus embarrassment by BP to let a pipeline shut down after 10 Figure profits in 2005.
2006-09-18 12:42:30 · answer #3 · answered by sethsdadiam 5 · 0⤊ 0⤋
Who cares and besides there's no answer. The problem is we can't do without it. Remember when the price of cereal went up? Corn flakes etc. cost $5 or more a box? Well people stop buying it and the companies were forced to lower their prices. If only we could do that with gasoline.
2006-09-18 12:52:18 · answer #4 · answered by Anonymous · 1⤊ 0⤋
It's the time of the year. When the temperture drops everyone uses they're ac less thus using less electricity, so electric companies use less fuel dropping the demand. Also with Fall school starts up so people are traveling less also dropping the demand.
2006-09-18 12:39:19 · answer #5 · answered by truloon 2 · 0⤊ 0⤋
the gas companies switched to there winter blend of gasoline that doesnt have ethonal which makes the price go down
2006-09-18 12:43:36 · answer #6 · answered by yaaaaaaaaaaaaaaaay 2 · 0⤊ 0⤋
it is getting close to election time,,just give it time it will ease back up,,there are certain people who want to be re-elected,and this is a good way to buy some points with the public,,it always goes down a little before an election,,good luck,hope this help,s.
2006-09-18 13:30:18 · answer #7 · answered by dodge man 7 · 0⤊ 1⤋
Because the fall elections are coming up. Its a trick by the oil companies to get everyone to be complacent and not kick the republicans out.
2006-09-18 12:38:25 · answer #8 · answered by Phil S 5 · 0⤊ 2⤋
supply and demand. The supply has gone up and the demand has gone down so the price goes down
2006-09-18 12:37:10 · answer #9 · answered by Anonymous · 0⤊ 0⤋
Could be a hole in your tank.
Could be that battery is so low that gauge isn't working properly
Gauge may be defective for another reason
2006-09-18 12:44:53 · answer #10 · answered by Anonymous · 0⤊ 0⤋