2007-05-25 06:48:54 · 18 answers · asked by Anonymous in Social Science ➔ Economics
Profits, politicians in big oil's back pockets
2007-05-25 08:12:07 · answer #1 · answered by Anonymous · 1⤊ 4⤋
Supply and demand. Especially around holidays and prime travel times. You NEED gas, and the industry uses thier own economists to detemine a price you are willing to pay (though it hurts because we look at how much we pay when prime travel is slow and realize its 20 cents more.) The gas industry is predicatable though If you pay attention to your calendar. Gas prices usually go up tuesday night or wedneday morning (getting ready for the weekend) and are low during fall, and winter (excluding thanksgiving and christmas and whatevers in between). Buy your gas on a sunday or monday or tuesday (and if you need to, again of thursday) and about fuel a full tank around 3-4 days before a holidays prime day, so on may 24, prime travel day is friday because its a four day weekend, you would want to fuel up on monday or tuesday.
2007-05-25 15:45:02 · answer #2 · answered by ? 4 · 0⤊ 0⤋
My understanding of the current situation is that there are several refineries that have had mechanical issues that are causing a major decrease in production. If the refineries are offline or under-producing, there's less gas available.
In a situation like this, ideally the government would be releasing the reserves, which is supposed to lower the prices, since there isn't too much demand and too little product. I have not heard if they are releasing any of the US oil reserves. I think if they had, prices would be lowered.
2007-05-25 13:59:01 · answer #3 · answered by jedimorgana 3 · 2⤊ 0⤋
Gasoline prices are not high.
Price of gasoline - a nonrenewable resource that must be found, dug out of the ground, then refined from oil = $2.60/gal (leave out the tax)
Price of gallon of milk - renewable resource made by cows who eat grass = $2.50/gal (much more if organic)
Price of Starbuck's coffee, made form hot water and coffee beans (renewable), 12 oz = $4.00
Price of bottled water (Perrier) = don't even ask - do the calaulvaiton yourself what their water costs in $/gal
2007-05-25 19:01:27 · answer #4 · answered by Richard of Fort Bend 5 · 2⤊ 0⤋
Lack of enough processing plants to make gas, Supply and demand.
2007-05-25 14:20:54 · answer #5 · answered by RT 6 · 3⤊ 0⤋
It IS supply and demand and there is little you can do about it when you consider that the market is INTERNATIONAL.
China and India, with their population in the BILLIONS, are all wanting automobiles. They can afford them, and both nations have little in petroleum resources.
Demand is up, there is no additional supply and it will only get WORSE!
2007-05-25 18:18:22 · answer #6 · answered by Philip H 7 · 0⤊ 0⤋
Supply and demand....There's more demand than there is supply right nor. I heard the US is using 500,000 barrels of oil more than it is producing now. So prices go up
2007-05-25 13:52:47 · answer #7 · answered by jim 6 · 3⤊ 0⤋
supply and demand. Major refinery's are "down" for repairs. Creating a false shortage.
2007-05-25 13:57:22 · answer #8 · answered by Oilfieldtrashwtx 3 · 2⤊ 1⤋
It's called gouging, but Washington refuses to act. The oil companies reduce the gasoline supply every spring/summer and raise the price as high as they want. Notice their record profits reported each quarter.
2007-05-25 14:01:14 · answer #9 · answered by MI Lighthouse 2 · 1⤊ 5⤋
Cause the oil industry is a freaking cartel. I will be really really mad when they post record profits again like last year.
2007-05-25 16:11:59 · answer #10 · answered by Mike 6 · 1⤊ 2⤋
Well there is a war where we get our gas from but your right we're not running out (at this moment) and they are just greedy people wanting to be on top of everyon else
2007-05-25 13:54:03 · answer #11 · answered by Vegaluna☺ 2 · 0⤊ 5⤋