Why are gas prices going up around the world?

Question

The U.S. is not the only country where gas prices are going up, it's the same situation in Canada, the UK and most of Europe, but what are the reasons for it?

I know this question has been asked many times and I've searched for the answers, but I always find a conspiracy theory or answers that blame Bush and the war in Iraq. Without giving me a link to a you tube conspiracy theory video or simply blaming Bush, can someone please explain to me why gas prices are going up almost every day in most developed countries?

Answer 1

supplies are diminishing therefore more people/countries are having to rely on fewer sources, therefore the higher the demand the higher the price.

Answer 2

The falling dollar (which is why they're going up a lot in the US)

Rising demand in China and India

Political instability in oil-producing areas

The demand for gas is inelastic

Those are some reasons...

Answer 3

It's not only supply and demand but greed, the oil producers know that their rein as kings of the world could be about over with dwindling oil supplies and the search for alternative energy sources.  It's just a matter of time until someone comes up with a battery that will last a long time on one charge.  They will then put them into autos and there will be less of a demand for oil.

Also, research into alternative energy will create new sources of energy to produce electricity,

Answer 4

I would think the answer to your question would have to  do with supply and demand. With all of our overseas neighbors developing their countries the demand has changed dramatically. The prices globally have always been higher in the other countries as compared to what we pay in the U. S. The only place I know that pays lower prices are the middle east countries which of course makes sense. With that being said I do believe that speculators have some bearing on this price.