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
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Content: 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. The boom in shale oil has not only helped reduce dependence on foreign oil but made the U.S. one of the world’s top 10 exporters of oil. Development in Emerging Countries
The other factor that affects oil prices over the long term is economic development in East and South Asia. As manufacturing jobs have shifted from the developed world to countries like China and India, where labor is cheaper, these countries have needed more and more oil to fuel their growing industries. That drives up global demand, which results in price increases. Asian countries are behind most of the rise in oil demand in recent years.