Economics
Gas price comparison
There is much speculation as to why the prices of gasoline have sky-rocketed so drastically in the past decade. According to Lucian Pugliaresi, President Energy Policy Research Foundation, Inc., on May 7, 2008 at the Committee on House Judiciary-Antitrust Task Force, the main reason for high gasoline prices boils down to the idea of supply and demand. Due to the hindrance of societal and economical issues, the cost of crude oil has cost increased at the very source. Increases in costs are a direct result of “unilateral contract renegotiation, nationalization, lack of investment by national oil companies, restrictive access to resources, war and civil strife.” The increase in “war and civil strife” has caused an increase in demand for crude oil to fuel the battlefields and equipment. The supply has decreased as a result of the increase in obstacles that cause the production of crude oil to be more costly in the beginning of the market process.
local oil prices
Reference:
Lucian, P., President, & Energy Policy Research Foundation, I. (n.d). Rising Gasoline
Prices. FDCH Congressional Testimony, Retrieved from MasterFILE Premier database.
