Why are gas prices so high? I want to know because I'm only 12?

Question

Why are gas prices so high? I want to know because I'm only 12?

Answer 1

It costs the Saudis only $2.00 a barrel to produce their crude oil yet they sell it on the open market at over $140.00 per barrel.

You figure it out...

Answer 2

Because of a monopolozing group called OPEC (google it!)  In any other commodity, this would be called price-fixing, and would be considered illegal.

Answer 3

Im not a nerd because im 12

Gas is rising because the cost of oil is rising almost every day. Since you use oil to get gas and oil is from foreign countries, people are riding bicycles or riding transit systems because of the rising oil cost.

Answer 4

Since you are only twelve. There is a lot to learn about the economy. To avoid suffering when you get older, study hard, go to college, save as much as you can. Pick the right friends that will help you later on in life, make connections. Then  these questions will not bother you so much.

Other than that I think it is greed that sets the pace.

Answer 5

China is a booming economy and with that it is predicted to consume more oil as is India this prediction means the traders of oil  start to panic buy oil subsequently driving costs up and with the oil producing countries saying there at full capacity this raises suspicions in the trading world that demand will outstrip supply so prices will keep rising and rising .

Answer 6

Becuase our leaders have vested interest in oil and they want to make all the money they can before a new President takes over. That is the real truth, alot of people make excuses about China and the American Dollar values, BUT !!!  The truth is , In the USA, we have enough oil to last us over 60 years without buying from foriegn Countries.  Alaska has as much crude oil off thier coast to allow us to never have to pay high prices for gas, BUT !!  Our leaders won't allow them to retrieve it !!     I know you are only 12, but it is great that you are concerned about your future !! Good luck and maybe if we all stand strong, we will prevail !!