Rising Market Prices on the Supply Demand for Gas
ECO 3028-3
Week one
Individual Homework
States with the most expensive gas The United States gasoline prices have been fluctuated from $3.40 a gallon to $3.60 in the last few months. As of July 20, 2013 the average fuel prices which is nationwide use to be $3.63 per gallon has rising up from $3.48 cents a gallon, which was a week apart. The recent rise in gas price have some drivers wondering if the gas price will soon be up to $4.00 a gallon by the end of this summer. The Crude oil prices have shot up partially because of the political unrest in Egypt. Since the county is not a major producer, but there is, a concern that there may be a serious violence could result in the Suez Canal that is one of the important routes for oil shipping stop from us. If this happens, the effect of investors will unwind the speculative trades in oil and may cause our gas prices to rise up to a higher cost than what it is now. To me this will be hard to grasp since we depend up gas for all our every day use one way or another. (Wrigley, S, Hess A E.M s, and, Sauter M B, (2013) Gas Prices Expecting another Surge Soon With the rising price for crude oil and the fall in the U.S. supplies is causing the wholesale prices on gas to rise up sharply and there has not yet been any fully reflect on the retail level yet. The prices at our gas pumps has increase by 7 cents compared to the last week of the national average, which was $3.55 a gallon may climb 15 to 20 cents higher than the average price now. Only a year ago, the national average cost of gas at the pumps was just $3.38. “It is getting ugly” (Patrick DeHaan, Senior Analyst for Gas Buddy,(2013) .This was thought to be because of the political problems in Egypt are what is driving up the crude oil prices, but there also where a sharp drop in oil supplies in the last two weeks. This will be coming during the time when the demand is at its annual peak in July. Egypt is not one of our major oil
Week one
Individual Homework
States with the most expensive gas The United States gasoline prices have been fluctuated from $3.40 a gallon to $3.60 in the last few months. As of July 20, 2013 the average fuel prices which is nationwide use to be $3.63 per gallon has rising up from $3.48 cents a gallon, which was a week apart. The recent rise in gas price have some drivers wondering if the gas price will soon be up to $4.00 a gallon by the end of this summer. The Crude oil prices have shot up partially because of the political unrest in Egypt. Since the county is not a major producer, but there is, a concern that there may be a serious violence could result in the Suez Canal that is one of the important routes for oil shipping stop from us. If this happens, the effect of investors will unwind the speculative trades in oil and may cause our gas prices to rise up to a higher cost than what it is now. To me this will be hard to grasp since we depend up gas for all our every day use one way or another. (Wrigley, S, Hess A E.M s, and, Sauter M B, (2013) Gas Prices Expecting another Surge Soon With the rising price for crude oil and the fall in the U.S. supplies is causing the wholesale prices on gas to rise up sharply and there has not yet been any fully reflect on the retail level yet. The prices at our gas pumps has increase by 7 cents compared to the last week of the national average, which was $3.55 a gallon may climb 15 to 20 cents higher than the average price now. Only a year ago, the national average cost of gas at the pumps was just $3.38. “It is getting ugly” (Patrick DeHaan, Senior Analyst for Gas Buddy,(2013) .This was thought to be because of the political problems in Egypt are what is driving up the crude oil prices, but there also where a sharp drop in oil supplies in the last two weeks. This will be coming during the time when the demand is at its annual peak in July. Egypt is not one of our major oil
References: The Associated Press (2013) retrieved from http://www.usatoday.com/money/ USA TODAY, Strauss, G., (2013) http://www.usatoday.com/story/money/2013/07/11/summer-gas-prices-heating-up-again/2508727/ Weigley, S., Hess A. E.M, and. Sauter, M. B (2013) retrieved from, http://www.usatoday.com/story/money/personalfinance/2013/07/20/states-with-the-most-expensive-gas/2530247/