Preview

Why Are Gas Prices Falling

Satisfactory Essays
Open Document
Open Document
135 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
Why Are Gas Prices Falling
Gas prices this year are the lowest prices on past seven years, according to Tom Kloza, global head of energy analysis for the Oil Price Information Service. The Gas prices this year fall below two dollars. The cheapest prices this year (from $1.803 to $1.860) in the Midwest, Ohio and Missouri, but the high gas prices ($2.740) are in California. Since the gas prices so low, many people lost their jobs this year. Also, Tom Kloza says that the travelers will save seventy-five dollars on the road in the forty-day shopping season.
I think that it is good that gas prices are falling so low because people now saving so a lot of money. But from another side, I can say it is bad that gas prices are falling because many people losing their jobs.

You May Also Find These Documents Helpful

  • Satisfactory Essays

    Gm 545 Project 1

    • 382 Words
    • 2 Pages

    Gas prices fluctuate due to oil prices and the anticipated supply and demand worldwide. Whenever there is political unrest in a major oil producing country you will see an increase in gas prices due to the demand of oil potentially produced decreasing. Very rarely do gas prices follow the general supply and demand because if they did gas prices would be lower currently. In my hometown of Augusta, GA gas prices are always below the national average and with us bordering South Carolina many Augustans travel the short distance to pay lower prices in South Carolina which are usually $0.10-$0.15 cheaper. Much as the rest of the world goes whenever there is a threat to the supply of oil, regardless of having a surplus currently, the gas prices in this area see a $0.10-$0.20 increase sometimes within a 30 minute period.…

    • 382 Words
    • 2 Pages
    Satisfactory Essays
  • Powerful Essays

    Last night about 7pm, I went to fill up on gas at the closest gas station by my home in Merrillville, Indiana. The Speedway gas station had gas for $3.49 a gallon for regular unleaded gas. Midgrade gas was $3.69 a gallon, Premium was $3.89 a gallon, and Diesel was $3.89 a gallon. I always try to fill up before the work week, as I do not want to get stuck in Chicago, Illinois where I work, and have to fill up on gas. Gas prices are dramatically different in my 40 mile radius. Today, gas prices in Chicago off my exit for work are $3.99 a gallon for unleaded gas at the Marathon gas station…

    • 3391 Words
    • 14 Pages
    Powerful Essays
  • Better Essays

    The most significant factor in the production of gas is crude oil. The prices in gas fall and rise due to the cost of crude which is established by supply and demand on the global commodities market. During the recession in 2008 and 2009, the gas prices went down because of less demand. However, as the economy progresses, the demand is rising. In the meantime with conflict in the Middle East and North Africa, the supply is at risk. With both the rising demand and the risk of reduced supply, gas prices are increasing. Crude oil comprises of more than 65 % of what Americans pay at the pump. In addition, gas prices are impacted by costs of refining, distribution, government and marketing taxes (API, 2013). This information is especially important to those who…

    • 1197 Words
    • 5 Pages
    Better Essays
  • Good Essays

    At $6 a gallon public transportation will be the number one choice for transportation. Over 10 million cars will come off the road and most of them will be SUV’s. Diesel fuel vehicles will come back and make a strong presence. The shift from $4 a gallon to $6 a gallon will save 4,000 more lives due to the decline of traffic deaths mainly by SUV’s that wont be on the road.…

    • 776 Words
    • 4 Pages
    Good Essays
  • Satisfactory Essays

    Final Exam Study Guide

    • 812 Words
    • 4 Pages

    1. In 1995, the cost of unleaded gasoline was $0.95 per gallon. In 2010, the same type of gasoline costs $3.00 per gallon. To determine the amount of change, we have to use the…

    • 812 Words
    • 4 Pages
    Satisfactory Essays
  • Better Essays

    On-highway diesel fuel prices have been higher than regular gasoline prices almost continuously since September 2004, a break from the historical pattern of diesel fuel prices usually being lower than gasoline prices except in cold winters when demand for heating oil pushed diesel fuel prices higher. The main reasons why diesel fuel prices have been higher than gasoline prices in recent years are:…

    • 1904 Words
    • 8 Pages
    Better Essays
  • Better Essays

    In the beginning of the summer, when most people drive to vacation spots throughout the United States, gas prices reached record highs. In June 2000, the national average was $1.68 per gallon and in some larger cities; the prices soared to $2.00 and more per gallon (Facts.com, 2005). Americans were furious not only because consumers were paying more at the pumps, but because rising fuel costs have triggered inflation. Americans realized that if inflation began to rise, a recession could be triggered as had occurred in the 1970's and 1980's (Facts.com, 2005).…

    • 1005 Words
    • 4 Pages
    Better Essays
  • Satisfactory Essays

    Karoo Hidrobreking

    • 283 Words
    • 2 Pages

    Jan 29, 2015 - Gas prices are plummeting across America thanks in part to the country doubling its daily oil exports, (Last visited 18/02/2015)…

    • 283 Words
    • 2 Pages
    Satisfactory Essays
  • Good Essays

    Changes of Gas Prices

    • 729 Words
    • 3 Pages

    Over the period of 1980 to 2010 the prices of gasoline have fluctuated a lot from lows to highs. There were some drastic prices increases from 1999 to 2008 changing from one dollar to four dollars. After 2008 the prices suddenly fell off drastically but never have returned to what they were in 1999. The main cause for the rise and fall of prices over the years can be attributed to the supply and demand, while the future prices will still depend heavily on these two factors.…

    • 729 Words
    • 3 Pages
    Good Essays
  • Good Essays

    Every consumer is looking to his or her wallet and bank accounts and wondering where all of their hard-earned money is going. The answer is plain and simple – Gas! Gas prices have slowly begun to hurt families financially; including my own. Families are taking drastic measures to make ends meet to ensure their automobile is topped-off each week. For the past several years, the Nation's economy has seen a steady incline in gasoline prices. This essay will examine the factors that play a significant role contributing to the increasing prices.…

    • 753 Words
    • 4 Pages
    Good Essays
  • Satisfactory Essays

    Table 4.3 shows the main results for the demand on eating at restaurants. The elasticity with respect to gasoline price is significant and negative, indicating that a 100 percent increase in gasoline price results in an 8 percent decrease in eating away from home which is more than the elasticity of grocery shopping with respect to gasoline price. This result suggests that gasoline price fluctuations affect demand on eating at restaurants more than grocery shopping. It is possible that when the price of gasoline as a necessity good goes up, consumers have to spend a higher share of income on gasoline expenditures and then have less residual income to spend on other daily expenditures such as eating out. The elasticity with respect to income…

    • 202 Words
    • 1 Page
    Satisfactory Essays
  • Powerful Essays

    ii. In depth analysis- Earlier I mentioned that the average for gas is over a dollar lower. Brett Ryan, U.S. economist at Deutsche Bank says that for “Every one-cent drop in gas prices [it] means a $1 billion annual decline in energy spending by Americans…

    • 1085 Words
    • 5 Pages
    Powerful Essays
  • Good Essays

    The Benefits Of Fracking

    • 931 Words
    • 4 Pages

    “Natural gas has an important role to play in the Northeast region and in our nation’s overall energy future.” Ed Rendell (NY Daily News). Fracking is a great way of getting natural gas; without fracking we wouldn’t have the gas need for energy like heating and power generation. Although Fracking makes pollution worse, it has many positive effects on people’s lives. Fracking is a way to get natural gas; natural gas is a cleaner source of energy. Another way fracking is good is it helps increase job opportunities which seems to be a problem all throughout America. Since fracking helps collect natural gas, it is helping collect a more efficient energy source, and natural gas is a more reliable, and efficient energy source. Although it makes pollution…

    • 931 Words
    • 4 Pages
    Good Essays
  • Good Essays

    Why Do Gas Prices Stay Low

    • 1757 Words
    • 8 Pages

    Because the more people are buying gas up with the low prices the more oils and gas have to give and refill up more of the gas tanks .I think that gas prices will not stay low. I think that gas prices will not stay low because their are alot of people who are taken advantages of it.…

    • 1757 Words
    • 8 Pages
    Good Essays
  • Good Essays

    When you or your parents going to a gas station and you see the gas price have increase annually, how do you feel about it? Have you ever think that the price should be cheaper? Moreover, have you ever know that you can pay less than what you are actually paying for gas right now?…

    • 568 Words
    • 2 Pages
    Good Essays