Why did gas prices raise so drastically, so fast? Prices almost doubled in a year.?

Question

Why did gas prices raise so drastically, so fast? Prices almost doubled in a year.?

Answer 1

There are many factors; more demand than production, war, AND GREEDY OIL COMPANIES and speculators  that use "tricks" to make the price go higher so then can make more billions (it's hard to explan in one answers how they do it but they do it).

Answer 2

and to think gas was only 38 cents a gallon in 1968......I think its all a big scam and the govt is behind it and they know exactly what they are doing...

Answer 3

The underlying cause is the economic growth in the third world increasing demand and the lack of any significant  discoveries of oil in decades so supply  can not be expanded to meet the demand. But both of these were predictable and predicted so one would have expected a more gradual increase in the price. Political uncertainly in the middle east has increased the risk premium, and the fall of the value of the dollar have triggered the sudden run up but still does not explain doubling. I suspect that  producers for the first time   are restricting production to maximize long term profits confident that price will be even higher in the future. The increase in the price caused by real factors crossed a tipping point by  producing sufficient current income so they could operate for the long term.

Answer 4

if our government would tell the real truth (misleading CPI) and if you followed the news at all, you'd know that very little of this is about the rising price of oil, it is simply about inflation causing the collapse of our dollar.  

It hurts everyone.