Why is the price of oil increasing?!
By dreadlord
@dreadlord (31)
Maldives
June 7, 2008 5:39am CST
even though oil production is increasing the price is not getting any lower, in my country the price of oil hade a humongouse increase, is it because we are running out of oil?!IF so what will our future be like?!
4 responses
@satkumar077 (180)
• India
7 Jun 08
The price of oil is determined by its demand and supply figures . The OPEC countries have a free ride in fixing its price as they have it galore.It's high time we start using other source of renewable energy irrespective of its price as oil is no longer cheaper .
with regards
www.chocolatesavy.com
@dreadlord (31)
• Maldives
7 Jun 08
i support your idea, it's time we started using renewable energy, but wont it take a lot of time to redesign engines etc for renewable energy sources?But if we can use it for our home aplliances amount of oil used could be reduced .thanks for replying
@Baltek (261)
• Canada
13 Jun 08
Many electrical vehicule prototype have been destroyed in the United States because they were so efficient that oil was going to be useless, and guess what? Bush and friends have huge interest in oil companies, so do you think they want oil to become obsolete? No they don't, and that is why not a single electrical vehicle that goes faster than 35 miles per hour has been developped yet: they are destroyed and bought out when they are too effective.
@naaadh (217)
• United States
7 Jun 08
haa yea. This is a huge problem indeed. I think its about time we gave up on oil and then started using some other source of energy. Our money is going to the oil industries for nothing. Here in maldives 1 liter of petrol is over 1 dollar now. I heard a friend tell me that in the world there is enough "known" oil wells which will last the next 50 years with no problem. So imagine the undiscovered oil well. I just think its stealing money.
@dreadlord (31)
• Maldives
7 Jun 08
thank you, i think the best way is to reduce usage of non renewable energy sources.thanks
@challs12 (548)
• Malaysia
13 Jun 08
Yes, one day the oil extraction from deep down earth will stop. That's the main reason why the price is keep increasing. The situation become worse when some smart guy try to make big storage tank of petroleum as their reserves due to frighten out of petroleum. As most members here voiced out, we have to find out alternatives to replace petroleum. Biodiesel is one of the solution.
@Baltek (261)
• Canada
13 Jun 08
The truth is slowly starting to come out right now. First crude oil prices are being "speculated" on and manipulated on the market. Second gaz stations are manipulating the prices. Here in Canada, for the first time ever, 11 people and 13 companies in our region have been caught for manipulating gaz prices, and I know one of them actually got fined 179000$ already!
