Why are gas prices so high right now?

Question

Why oh why? Something with Europe??? Can someone explain this to me? How can they go up so much...and why isn't more done to keep them lower?

Answer 1

because your name is Eileen and I am Ben - we are the "Dovers"

Answer 2

It's supply and demand economics, namely the supply is a little low right now and demand always rises as summer approaches. On the supply side there are worries about crude oil. The trouble with Iran, the Saudi terrorist plans, and the Iraq situation in general has the entire middle east a little jittery. Another problem for supply is the refineries are running below normal at the moment due to industrial difficulties, such as the fire at a refinery in Texas. That means our gasoline stockpile is about 3 million barrels below where we thought it would be. So when supply is down and demand is up, the price will only naturally rise. More isn't done to keep them lower because we live in a free market economy, at least somewhat. The government already taxes the bejabbers out of gasoline, at all levels. And regulations serve as a disincentive for the oil companies to build more refineries. If the government did NOTHING to the oil companies we'd see gas at less than half what it is now. We need less government in our gasoline, not more.

Answer 3

We are guided by supply and demand.
If you demand a supply, and wish to adjust and tweak that demand your push up prices.
I we had just 87% octane gas, heating oil, A diesel fuel, and one type of aviation fuel, and no more, you could adjust for demand and keep prices lower.
However we have different blends, some must have and others must not have.
We must feed the Federal, State and local governments who provide services based on the taxes they impose on us. and I believe some of them are on a percentage basis and that adjusts with price.
The huge oil companies have to buy and refine a product, and are guided by the price of oil. Most of that is driven by futhers and market conditions. I could go on, and keep explaining, but....

Answer 4

The people are paying the price for high gas because it is another ploy to squeeze more out of us. Bush and his peoplez Send out troops over to the middle east to put the oil under US boundaryies. The pieces of trash put a cap on the oil and purposely restrict the flow of oil and close refineries then say we are running low on resources. The Americas have the largest reserves of oil in the world and a big part of it is in Alaska in there "wilderness Protection Grounds" So you paying a lot for gas because of a lie and most of you believe the lies put out in the news.

Answer 5

They are so cheap!

In the UK, our gas (petrol) costs around $10 a gallon!

As does most of Europes'

Answer 6

Just finished a .50 a gallan roll up so that we can do our part for the environment and use a more ozone friendly summer gas blend.

Answer 7

There are many factors. The high prices start with the cost of crude oil and OPEC.

http://www.eia.doe.gov/pub/oil_gas/petroleum/analysis_publications/primer_on_gasoline_prices/html/petbro.html

Answer 8

You know what I wish I knew, I think because they are being very stingy with the oil over there, they are selling it really high, I just hope they don't get it higher I remember i was paying like 2.30 for gas which was unleaded.

Answer 9

Worries about the oil supply. Yesterday, a terrorist ring was broken up as they planned to attack Saudi refineries. Read this: http://www.cnn.com/2007/WORLD/meast/04/28/saudi.arrests.ap/index.html

Everytime there is an event that jeopardizes oil, prices shoot up.

Answer 10

The oil companies keep the demand just above the supply to makes prices rise and continue making RECORD profits. It is a global chess game. And we the people are paying billions to the billionaires.

Answer 11

Gas prices go up help buy !!
Tolet paper many rolls. Needed in the war .