Supply and demand of oil in uk

Introduction In this assignment I have analyse the effect of supply and demand in United Kingdom oil retail outlet in general and in Deptford area in particular, the petrol station in UK market went to lots of changes in the last decades, nowadays petrol station are not only fuel, but become also convenience store, meaning that now we can do more than just feel up our tank, we can now also buy different things like food and even toys for children, just to name a few examples of the change. Background of the Supply and Demand in Oil Price Effects of Supply and Demand on the Price of Oil each time you pull up to the pump or open your utility bill, you may notice the price of fuel may have changed. There are many factors that can influence fuel prices. The marketplace forces of supply and demand determine the price of fuel. If demand grows or if a disruption in supply occurs, there will be upward pressure on prices. The same way, if demand falls or there is an oversupply of product in the market, there will be downward pressure on prices.Those principles HYPERLINK http//www.studymode.com/essays/Effects-Of-Supply-And-Demand-On-823074.html o Click to Continue by Giant Savings applyat the service station level as well. If a retailer prices its gasoline too high, and without regard to competition, the retailers customers may take their business to another station with lower prices. If a retailer loses enough volume, the retailer may then reduce prices in order to retain its customers. HYPERLINK http//www.studymode.com/essays/Effects-Of-Supply-And-Demand-On-823074.html o Click to Continue by Giant Savings Competitionamong retail outlets thus affects pricing. Sometimes we notice price differences between two gasoline stations on a busy street corner and between those outlets and the only station on a long stretch of motorway. More choices generally mean more competition for business.Like agricultural products, such as wheat and corn, and precious metals, such as silver