How much is gas where you live? (1 Viewer)

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In Portugal today:

Gasoline 98 oct. 1.68€ / litre
Gasoline 95 oct. 1.62€ /litre
Diesel normal 1.41€ /litre
Diesel super 1.61€ /litre

prices increasing every week, some times twice in same week!
our fishermen started yeasterday a strike and don´t know when it ends!
No fish in our country, next week will start truck drivers strike in Portugal, Spain, France and Italy, wee probably will have shortage of some tipes of food.
Civil war is near, not joking!!
 
Does anyone actually know why a barrel of oil is so freakin expensive now???
Click to expand...

Oil production has been flat for 3 - 4 years, whilst demand is going up every year.

Production, million barrels per day:

2003 - 79.62
2004 - 83.12
2005 - 84.63
2006 - 84.60
2007 - 84.59

With supply not increasing, price will increase to keep demand down (otherwise people would be consuming more oil than is produced, which would lead to shortages)
 
The price in Va. Beach (away from the actual beach) has been holding at
$3.77 for over a week. It's ten to twenty cents higher at the beach, but
that's just to screw the tourists.

Charles
 
but demand overall worldwide has only increased 1% over the same period of time
 
FLYBOYJ said:
You sure about that????
Click to expand...
sorry slight correction 1-2%
here is a clip from following article from last week

"They say it's not even galloping demand that's at fault; it's a shortage in supply.

The high prices will eventually encourage more supply, and put a big damper on demand. But even with rapid growth in China during the period of rising prices, world consumption of oil increased only 1 per cent last year.

"This marked the third year in which oil demand grew at an annual rate of less than 2 per cent," noted the Worldwatch Institute. "

TheStar.com | Business | Who to blame for sky-high gas
 
pbfoot said:
"This marked the third year in which oil demand grew at an annual rate of less than 2 per cent," noted the Worldwatch Institute. "
Click to expand...
"OIL" demand, not gasoline - I think gasoline demand been averaging a 5% growth rate since 2001 - I'll try to find the source.
 
but demand overall worldwide has only increased 1% over the same period of time
Click to expand...

Demand or consumption?

Demand/consumption has only risen by 1% over the period because the price of oil has gone up so much. If oil still cost $40 a barrel, how much would demand have risen?

That's why the price rises if production can't keep up with demand. If demand grew to 90 million barrels a day, and production remained at 85 million, where would the extra 5 million barrels a day come from?

If production is greater than demand, then the price falls until demand increases to use the excess production. The reverse is also true, if production falls (or even stays flat), then the price increases until demand falls to match production.

The only alternative is rationing, where you fix the price but limit allocations, so you can afford oil, but not get all you need. Rationing is open to abuse, though, and requires a central authority controls the supply.
 
In Cordoba, Argentina.

Gasoline 98 octanes: 2,90 pesos

Gasoline 90 octanes: 2,50 pesos

Gasoline 86 octanes 2,45 pesos.

Diesel: 2,25 pesos

Compressed Natural Gas: 0,92 pesos

1 Argentine peso= 0.33 Dollar and 0,20 Euro.
 
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