The production of oil is controlled by oil companies and the governments (as in OPEC) that own their countries’ oil. They can sell it for whatever price they want, as long as someone will buy it. With increased demand from the developing nations and from China, the price of oil (and thereby gasoline) will likely continue to rise.
Will gas prices keep going up?
It will keep going up because of supply and demand. Low gas, everybody wants it. We are running out because it is not a natural resource. Why do you think they made electric powered cars? Why do you think they are so expensive?
Why is gas prices going back up?
For the most part, our gas prices do not follow any sort of documented pattern. While it has been great watching prices plummet over these past couple of months, this has less to do with demand, or supply because OPEC is a protected cartel. They set the price and we pay it, or go without gas. The problem, however, is when they keep the price high people start talking about alternative sources of energy ect, like we saw during the election. This is bad for them because they rely on our dependency for oil. Consequently they begin to lower the price, but that’s not to say they won’t raise it again once they feel our memories have been erased, etc.
Why are gas prices going up everyday?
Because oil prices are going up so gas companies have to raise their prices so they can make a profit and not go bankrupt.
Reference: click here.