Title: Why Gas Prices Are Rising So High - Reasons for Fluctuations
Headings: Why Gas Prices Are Rising So High – Reasons for Fluctuations
Why Gas Prices Are Rising So High – Reasons for Fluctuations
Why Gas Prices Go Up or Down
1. Changes in Crude Oil Prices
Seasonal Changes
Foreign Affairs
International Trade
Price Manipulation
Currency Changes
Advances in Technology
Development in Emerging Countries
2. Changes in Refining Costs
3. Problems With Distribution
4. Changes in the Gas Tax
Federal & State Taxes
The Impact of Carbon Taxes
Final Word
Make
Money
Manage
Money
Save
Money

Content: Advances in Technology
Most factors only change oil prices temporarily. Wars, sanctions, and supply manipulation all eventually come to an end and the dollar’s value shifts over time. But a couple of factors can bring about more long-term changes in global oil supply or demand. One of these is improvements in the technology used to extract oil from the ground. Consider world oil production in 2018. Despite OPEC’s production cuts, world oil production that year rose by 2.5 million barrels per day, according to the World Oil Review 2019, an annual energy sector statistical report published by the multinational oil and gas company Eni S.p. A.
The main driver of this growth was the U.S., which became the world’s top oil producer in 2015. Between 2010 and 2015, it increased its oil production by more than 67%. U.S. oil production during this period rose mainly as a result of new technologies, such as hydraulic fracturing, or fracking. Advances in fracking have made it easier than ever to extract shale oil, a form of crude oil trapped between layers of shale rock deep underground.