Why is gas prices going up so much? do you think it will ever go down or just keep going up higher and higher?

Question

The gas prices, as you all know, is going really high up, i can't drive yet, i'm only 13, turning 14 pretty soon, but gas is going up really high and and it just gets higher and higher everyday. What is the full reason for that? besides the war in Iraq?? will the price ever go down? or will it just keep on going up higher and higher? what is the estimated gas price for 3 years?

Answer 1

remember the "Back To The Future" movies?

in the future they had a flying car that was powered by a fusion generator that resembled a Mr. Coffee machine and it worked on anything organic, banana peels, Pepsi and even the Pepsi can itself.

why can't some of the great minds, the PhD's of the world get together and invent something like that?

Answer 2

Oil prices are going up due to supply issues, and are being propelled by the dropping of the US dollar.  Even if the real price of oil stayed constant, the fact that the dollar you are paying for it with  is dropping means that it takes more dollars to pay for it.  When both happen at the same time, oil prices skyrocket.

If the dollar stops dropping and start going back up to where it used to be, that will offset the cost.   The question is whether the rise in the value of the dollar goes up  faster than the supply price.

In short, not unless the economy turns around.

Answer 3

Gas prices are so high because we are at war with countries involved in the OPEC (oil producing and exporting countries). They have the power to regulate how much and how high gas is for the U.S. It is said that by December, gas will be 5 bucks a gallon......and with the economy being in such a bad state currently, the dollar really doesn't equal a dollar. It costs more than a dollar to make a dollar in other words. So, if the economy isn't improved and the war isn't ceased, then I can expect gas to maybe double in 5 years..... in 3 years i see gas being maybe 7.50 to 8 bucks a gallon if our country can't fix it's problems