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AbstractThis research paper will discuss some of the several factors that cause an increase in oil prices Oil is one of the greatest assets that we have on our planet as it provides fuel for transportation to go from point A to point B However it can become an expensive purchase to many individuals who own cars Supply and demand wars recession and weather systems can all fluctuate the price for oil and will always make oil an excellent asset to control Once supply of oilgas starts to run out over time the demand will see a vast marginal increase in price It is crucial as consumers to be able to understand what affects the increase in oil price instead of complaining of how high it becomes Key Words Supply and Demand War Recession Weather system Fiscal and Monetary PolicyDuring the early days of Stanford Oil 1910 gasoline was not in high demand It was a cheap product that was used as a remedy for those who had lice and used as a solvent for removing stains of clothes As a result gas was relatively inexpensive price inelastic and many of the oil companies would disperse them into rivers 5 Gasoline was cheap Santoso 2008 Fast forward to 2013 gas is one of the most expensive purchases consumers make for automobiles and other contraptions Many consumers raise the question What causes oil to either increase or decrease in price Several factors occur when dealing with the expenditure such assupply and demand wars recessions and deadly weather systems Hurricanes Tornados and etc Throughout this research I will further discuss how each of the factors play a major component in the increase of priceHow often do Americans spend money on gas If people fill up their tanks on a weekly or biweekly basis they may spend between 100 to 200 or more Gasoil is an important component of cars and as human beings wemust deliver food
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