Why are gas prices still above $100 despite lower summer demand

Question

Gas demand for the nation is now declining for the first time since WW2,I'm wondering something fishy is going on.

Answer 1

Gas prices are 4 bucks a gallon. I think a thingy of out is 100 bucks. This is because of china cutting down their demand, they are rationing gas like the US did in WW2

Answer 2

they base the price of it a lot now on speculation,as to what could occure or anything that coud cause it to rise or stay up,if they think a bad storm will hit thats reason enough to keep the price of it up,basically were paying for someones thoughts of what could happen,thats what it narrows down to right now,good luck.

Answer 3

There are still a lot of people driving in India ans China.  Everyone gets the gas from the same providers, so as long as the demand is high elsewhere the prices will stay high.  The US only makes up a small percentage of gas consumption in the world.  10 points please.

Answer 4

Did you see the record profits the gas companies have reported this quarter?  Greed is your answer.

Answer 5

Even though demand is down this summer in North America, demand on a global basis is still on the increase.  Think China and India, for example.

Both of these countries have huge populations, increasing income, increasing ownership and use of cars - not bicycles anymore. The rapid growth of countries such as theirs, as they become more and more "Americanized" in their consumerism, more than offsets the cutbacks we make here.  

They are becoming like us, and we are becoming like them.    

Answer 6

First of all, the demand is declining in a very small way.  People are cutting out excess discretionary driving and not taking vacations, but they still have to get to work and such.  Demand for gas is falling by a few tenths of a percent point, not twenty or thirty percent.  

Also, increased demand from other countries, which have much bigger populations, will easily cancel out any decrease in the US.