Price of Oil and Gasoline

Categories: Economics

- Americans consume 20 million barrels of oil a day
- Taxes: 12% of U.S. gas price
- United Kingdom: Taxes over 50% of gas price
- Most expensive gas: $9.69/gallon (as of May 31, 2008), Norway

The price of oil and gasoline skyrocketed in 2007 and the first half of 2008. Analysts ascribed the sharp rise to a confluence of factors. Investors have been buying high-priced oil futures, and are currently being investigated for possibly manipulating oil prices. India and China have a much higher demand for gas, but world oil production has not increased to match the demand. The declining dollar has also been pegged as a cause.
Consequences

SUV and truck sales have declined significantly over the past year; Ford has announced that they will reduce vehicle output by 12%. The increased cost of gasoline increases the cost of transport, which increases the prices of goods being delivered.

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Price of Oil and Gasoline Questions

Where can I find the gasoline prices per state? 4 Answers

For comparing gas prices in different states: http://www.fuelgaugereport.com/sbsavg.asp http://www.eia.doe.gov/oil_gas/petroleum/data_publications/wrgp/mogas_... read more

Looking for closing price history of nearest month oil futures over last 10 years online for research project? 2 Answers

http://www.inflationdata.com/inflation/Inflation_Rate/Historical_Oil_Prices_Table.asp shows the Annual average domestic crude oil prices from 1946 to the Prese... read more

How many gallons of gasoline were consumed in the last five years in the US? 2 Answers

137.80 billion gallons in 2008 Past five years: 3332579+3343131+3377174+3389269+3290057 barrels = =16732210000 barrels or 702,752,820,000 gallons read more

What are the top five gasoline brands sold by volume? 1 Answer

In canada, I know 4 Esso Petro Canada Shell Sunoco read more

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On Twitter Powered by Twitter
- http://bit.ly/6POKOM For all of you out there that the current price for oil and gasoline is correct...
- That's great, the price of oil fell 3% in the United States and with it the price of gasoline is lower in Japan
- Stop Manipulation of Oil and Gasoline Prices!! New site http://bit.ly/1SvPwn Let's do it. #oil #gas The price is double what it should be.
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