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Why does the price of gas go down and then back up in such a short time span?
I live in a small town (1800) We have 2 gas stations. One is a Coop the other a convience store. Since the beginning of the energy crisis the gas at the convience store has gone from $2.89 gal to $3.99 a gal being the highest. It has not ever gotten back down to $2.89. Right now it is 3.48. 3 days ago it was $3.58, last week $3.78.
Isn't this price gouging?g
1 Answer
- tekwatcherLv 61 decade agoFavorite Answer
The Market
There are several factors in the market, well, many. Political climate, economic climate, weather, etc.
Hurricanes, for example, threatening any oil/gasoline supply area will cause prices to go up for those that rely on that source.
If the economy is struggling, so may see that as a sign or oppurtunity that the rest of the world is falling into some type of recession and one must stock up on supplies and other investments. One of these investments is oil. Well, those that have the power to set the prices can raise gasoline prices to net a large profit. Sometimes though, prices are raised to reduce demand on a possibly strained oil supply (right now, in the Southern United States, the supply ran out because of the rush when Hurricane Ike smashed coastal Texas).
Politics also play a huge roll. As wars/battles are fought or political blunders (such as if you insult the King of Saudi Arabia over an open microphone at a peace conference, for example), to aggrovate you and make it harder for you to do business, they can raise prices. Prices lower as demand lowers and/or as supply increases.