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Anyone know why gas went up yesterday?

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Lukas64
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02 Apr 2012, 6:10 pm

Still, the rise in oil prices can be a good thing. I have noticed that many more people are taking the bus or are riding bikes to get to places. It would also cause there to be more interest in electric vehicles. But, I think it definitely has potential to rise over five dollars this summer, which is quite a lot.



ruveyn
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03 Apr 2012, 9:49 am

Supply and Demand. That is what determines price when things are bought and sold in a voluntary fashion.

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03 Apr 2012, 10:08 am

Lukas64 wrote:
Still, the rise in oil prices can be a good thing. I have noticed that many more people are taking the bus or are riding bikes to get to places. It would also cause there to be more interest in electric vehicles. But, I think it definitely has potential to rise over five dollars this summer, which is quite a lot.


The rise in prices of consumer goods is only a good thing for the supplier.



ooOoOoOAnaOoOoOoo
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03 Apr 2012, 4:48 pm

ruveyn wrote:
Supply and Demand. That is what determines price when things are bought and sold in a voluntary fashion.

ruveyn

It does in some cases but not in this particular one. There is plenty of supply. US refineries are selling gasoline on the global market due to the surplus coming out of the refineries on the Gulf Coast. We are making more gasoline than we are selling at the moment. Speculators are to blame for the spike in gasoline prices. They worry oil supplies from the ME will be disrupted and are reacting to it.



Gravechylde
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04 Apr 2012, 12:09 am

ooOoOoOAnaOoOoOoo wrote:
ruveyn wrote:
Supply and Demand. That is what determines price when things are bought and sold in a voluntary fashion.

ruveyn

It does in some cases but not in this particular one. There is plenty of supply. US refineries are selling gasoline on the global market due to the surplus coming out of the refineries on the Gulf Coast. We are making more gasoline than we are selling at the moment. Speculators are to blame for the spike in gasoline prices. They worry oil supplies from the ME will be disrupted and are reacting to it.

The weather is starting to get nicer, they know most people want to go to the beach or wherever, so they raise the price knowing people are going to buy it anyway.