1) When and how did the cost of petrol start to rise? 2) Are there anybody else who is involved other than the drivers of motor vehicles? 3) Can we overcome the rising costs of petrol?? 4) Are there any advantages of the rising of petrol costs at all?? 5) How does the rising costs of petrol affect the Demand, Supply, Employment and Income section of the cycle??
Petrol prices have been continually soaring throughout the decades with GST (goods and service tax), the level of demand, the gulf war and the fact that we are running out of it being the main factors. In some cases the level and extent of competition of petrol companies in a particular location may also be a factor. Motor Vehicle drivers aren’t the only ones who’s suffering from expensive petrol, Aviation companies are also effected, recent surveys have shown that 28% of aviation companies prefer going for a more direct routing to their destinations, 40% found flying at slower speeds to save petrol, 19% cut back on hours flown, 15% started tankering fuel (getting it while it is at a lower price to save money).
We certainly cannot overcome the rising of petrol prices but people in Australia and around the world are trying to help by changing their driving habits, using public transport more often and coming up new ways to make cars... [continues]
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