Gas Prices – Why They’re So High
It’s a question just about every American wants to know. Why are gas prices so high? While the cost of barrels are hovering at about $100 a barrel it’s no wonder that we would be concerned about the non-stop rise of gas prices. Just in the US alone, personal vehicles consume hundreds of billions of oil a year. There are many reasons why the gas prices are skyrocketing and why they are so high at the time being.
For instance, there is an increasing demand for oil overall.
There is a balance going on between supply and demand for oil and this is something that is playing a huge roll in the rise of gas prices. You can also look at China and India and look at the rapid growth of the population. This two countries have the largest economic growth of the world. The population of both of those massive growing countries are well over a billion and continues to grow, so this makes great call for supply and demand while more people are guzzling gas.
Europe, is beginning to catch up with the US making the demand for more barrels to be processed every day, which plays a factor in the rising gas prices. Many Americans still use SUVs and sports cars which will consume gas at an astonishing rate which demands more oil for being made. It’s been predicted that in the soon near future, there will need to be an increase in barrel production by up to 140 million barrels a day.
It’s traditional that the eastern oil rich parts of the world are the suppliers and the western parts of the world are the consumers, but this is altered. There are many reasons why supply and demand has increased and why gas prices are so ridiculous at the time being and are only going to get worse. There are many more beyond my knowledge of reasons as to why gas prices continue to go up.
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