Why do you think gas prices are going up so fast?

Question

i think gas prices are going up so high is because sooner or later their gonna find a substitute for gas so their probably thinking hey why not make as much money as we can before anyone finds a substitute for gas

Answer 1

demand is up too high. Everyone and their grandmother drives and at least in america, the oil companies are greedy s****.

Answer 2

The oil corporations want more money to raise the C.E.O. salaries.

Answer 3

Gas prices are going up so much because global demand has increased with the capitalistic emergence of China and it's neighbors, but the supplies from OPEC have not increased to meet the demand.  Instead they maintain or decrease the supply of oil forcing the speculators (the people who purchase and set the price of oil on the global market) to pay more per barrell of oil.   Furthermore, since oil is being traded on US currency which is being inflated/devalued at an increasing rate, oil becomes even more expensive.  It's simple economics.

Ironically, it's this action and the soaring gas prices that will do precisely what you suggest is causing them to raise their prices.  When oil was $20/barrel, R&D to produce alternative fuels was being slowly developed and was not a major concern.  Now that oil is around $150/barrel, everybody is hurrying trying to find an alternative fuel to gasoline.

It's not the oil companies (they still don't make much more than $0.10 per gallon profit, most of their profits come from outside of the US), the government doesn't help at making $0.60 per gallon (far more in most other countries), it's not so much the speculators because they are trying to distribute a limited supply to a much larger demand...  it's the fault of the oil producing and exporting countries that are not meeting the global demand.

Answer 4

So the oil companies and auto makers can make a killing.

I met a man In Texas 30 years ago that invented a carburetor that was guaranteed to get 100 miles per gallon.

General Motors bought it from him and hushed it up so no one would hear about it.

Answer 5

Gas prices are being impacted by a few things.

1. Increased demand for gas by the growing middle class in China and India.....thus increasing demand - simple economics

2. In addition the oil trading markets are based on the US dollars. Since the US dollar is so weak it cost more to buy oil. For example if the US dollar was equal to the Euro then the price of gas would drop to $80 per barrel instead of $130 per barrel.