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It is very likely that you may have noticed the latest price of gasoline when you visited your local gasoline station. And, you may even have left the station with a smile. Well, that’s what low gasoline prices do and with the gasoline price reaching an all time low, it will surely make everyone who owns a car very happy.

However, this will usually make people ask the question on how long will this price trend last. And, it will also make people ask why the sudden decrease of gasoline price.

First of all, you need to remember that the gasoline price decreased because there is a significantly high supply of oil in the world market. However, because of the low demand for oil, oil companies sold their products at lower prices in order to increase the demand for it.

The reason for the oversupply of oil in the world market is that oil companies anticipated Asia to increase oil consumption. Early this year, Asia consumed a lot of oil that had oil producers and companies worried that the oil reserves they had weren’t sufficient to keep up with the demands. So, what they did is that they increased production and stored vast reserves of oil.

However, because of the world financial crisis, the Asia growth was halted prematurely and the demands for oil decreased significantly. The US demand for oil also decreased because of the financial crisis along with Europe and other parts of the world.

So, will this price trend last?

Unfortunately, it won’t. The oil supplies will eventually get lower as time passes and if there is an increase in demand, the price of gasoline may rise again. It really depends on the demand for gasoline and oil as well as the production of oil.

OPEC will announce a production cut. In fact, there are speculations that OPEC will cut production of oil by a million barrels a day. Russia also indicated that they will join OPEC in lowering its output or production of oil. It is even expected that OPEC will try to cut down production of oil by 1.5 million barrels.

However, the price increase in gasoline isn’t due any time soon. Because of the severe recession in the United States combined with signs of slowing growth around the world, the price of oil will be kept from rebounding further.

Experts agree that the low gasoline price trend will continue on at least by the end of the year. So, you may want to take advantage of the low oil price while it lasts. It will eventually go up again sooner or later.

With the constant demand for oil around the world along with the planned oil production cut between OPEC members along with Russia, you should try to expect that the price of gasoline will significantly rise.

Also, if the economy improves, you can also expect the price of gasoline to increase.

As you can see, the recent price of gasoline is not permanent. It will demand on the law of supply and demand. It will also depend on the world economy. If there is a change in oil supply or even demand by even a little bit, you will see a huge change in the price of gasoline. That’s basically how gasoline prices work. It will depend on the supply and demand for oil.

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The Law of Supply And Demand: Why It Plays an Important Role in the Low Gasoline Prices We Have Today

The law of supply and demand constantly plays an important role in any capitalist business. For example, if you have limited supplies of a particular product and a lot of people want to buy one, you will usually increase the price. Besides, this is a chance for you and your business to earn a lot of money. However, when there is a limited demand for the product you are selling and you have a lot of it on stock, you will normally price it so low that you will only earn a few cents out of every product you sell just to get rid of the product from your inventory.

That’s basically how gasoline works. If there is a limited supply with a lot of demand for gasoline, the price will increase and vice versa. This is primarily the reason why we are experiencing low priced gasoline since 2002. So, just why is it that there is a surplus of supply of oil and gasoline and limited demand for it?

Well, in order for you to understand this, you need to take a look at Asia. In the past months, the oil companies expected Asia, especially China, to significantly grow and increase their demand for oil and gasoline. This is why oil companies began stockpiling oil reserves and increased the prices because of the expected growth of Asia. However, the expected growth of Asia started to cool down early and there is a significantly high amount of oil in the reserves.

And, because the price for gasoline was so high last July 2008, people began saving money on gasoline. The demand for gasoline fell and up to this day, people are still saving money on gasoline. It may be because people became accustomed to saving money on gasoline or the reason may also be because of the world financial crises that we are also experiencing today.

Also, some people are still skeptical that this kind of price trend for gasoline is just temporary. Although this may be true, you have to consider that the price for gasoline is indeed at an all time low.

People today are also more practical when it comes to buying cars. Instead of buying a gas guzzling sports car, people are now choosing fuel efficient hybrid cars. People are now choosing fuel efficiency over power and only people who can afford the high price of gasoline are considering buying a sports car.

Fuel efficient cars, carpooling, and mass transportation systems are the in thing today. Because of this, the demand for gasoline is continuing to fall especially in the United States which is the number consumer of oil in the world. With low demand for oil and a high amount of reserves, the price will normally go down. If people continue on saving money on gasoline which is very likely, the price for gasoline will still continue to fall.

However, there is news that the cutback from OPEC will significantly lower the supply of oil in the reserves. So, you can expect that the oil will stop dropping in price in the next few months and may even start to rise again. So, if you really want to save money today, you may want to start filling up your car and take advantage of the low priced gasoline that we have today.

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In a poorly performing economy, many people today are getting depressed especially when the holidays are so near. However, as people drive home for Thanksgiving and Christmas, people eventually give thanks and smile to a very unlikely spot. This unlikely spot is where people usually get depressed especially these past few months. This spot is the gas station.

Today, the low gasoline prices are just what the people need in order to brighten up their day. In fact, the gasoline prices today are reaching an all time low and are still continuing to go much lower. Just compare the price of gasoline today to what it was in July this year. From more than 4 dollars per gallon to less than 2 dollars today, you will see that the price dropped an average of 18 cents a week. For gasoline, that’s quite a lot.

This unusually low gasoline price leaves a smile on every face. In fact, in the West coast, the average price of gasoline is now at 2.12 dollars per gallon. That’s down 24 cents in just a week. In the Midwest, gasoline is now priced at an average of 1.75 dollars per gallon. The East coast is also experiencing low gasoline price with an average of 1.95 dollars per gallon.

This means that the gasoline prices are at an all time low since January 2005. And, with today’s poorly performing economy, many people agree that it’s about time.

Many people consider this as a blessing and even an early Christmas gift. With people today struggling to buy groceries and take care of kids, the low gasoline prices certainly can put a smile on everyone’s face.

Just try to imagine how much lower the price of gasoline is today. If you do a road trip from Dallas to St. Louis, you will spend about an estimate 94 dollars on gasoline. If you made the same drive in July this year, it would have cost you around 200 dollars.

So, why is the price of gasoline continuing to get lower?

Many experts agree that this has something to do with the decreased consumer demand. Because of the gasoline prices last July topping at 4 dollars a gallon, a lot of people and families learned to save money on gasoline. And, because of the savings they saw, they tend to make it a habit and continue on practicing it. They just noticed that doing so made them notice that they had a little more extra in their bank accounts and they sure can’t get enough of it.

Even on Thanksgiving this year, people traveling by road and by private vehicles are down by almost 2 percent. This is very unusual as most people tend to travel by road and by private vehicles during Thanksgiving.

Another reason is the surplus of oil supplies. Oil companies expected Asia to consume more oil but because of the world financial crisis, Asia growth reached a premature halt and so did the oil consumption.

Anyway, because of the decreased demand for gasoline, you can still expect the price to go down by the end of the year. So, try to enjoy it as much as you can as low gasoline prices will not last especially when the oil supplies go down. You can be sure that you will be able to save a lot of money on gasoline during the holidays.

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There are quite a lot of reasons why gasoline prices today have now reached an all time low and are still expected to go even lower. It’s not that people are complaining about it but there are some people who are curious even suspicious as to why this happened. Besides, just a few months before, gasoline prices skyrocketed and reached an all time high. It can even be considered as the highest in decades.

So, why the sudden drop in the price of gasoline? Is there something you don’t know that you should know about?

Well, the recent drop in the price of gasoline is not really a mystery that you need to worry about. There are a number of reasons why the price of gasoline has significantly reached an all time low.

The primary reason for the drop in the price of gasoline is the low demand for gasoline. The gasoline reserves in the world are also very high. Now, as the law of supply and demand suggests, low demand with high supply means lower price. As a businessman, you want your products to sell. And, if no one wants it or there is limited demand for it and you have a lot of it in stock, the way to sell it and get people interested in buying your product is to lower its price.

In turn, there are also reasons why supply for gasoline and oil is very high. Basically, oil companies anticipated Asia to continue on growing. In early 2008, Asia’s demand for oil was growing rapidly and oil companies were afraid that the world oil supplies will never be able to keep up. So, logically, they increased production of oil and gasoline. In fact, there are also some speculations that there had been some stockpiling of oil and gasoline prior to the Beijing Olympics.

However, when the world financial crisis hit, there was a significant drop in Asia growth. There are also indications that the growth in Asia is starting to cool down. This left the oil companies with vast supplies of oil and gasoline meant to supply a growing Asia that was overestimated. What this meant was there was a surplus of oil and gasoline currently in stockpile with diminishing demand for it.

Another reason why gasoline is priced so low today is because of the rise in the value of the dollar. Basically, you need to understand that the higher the value of the dollar, the lower the price of oil per barrel which is measured in dollars. Today, the value of dollar is high so the price of oil is low. Also, because the value of Euro has declined against the dollar, it will also contribute to lower gasoline and oil prices.

Another good reason is the world financial crisis. This forced investors of hedge funds to liquidate their positions. Basically, oil futures are the first one they sell on the market because it is the easiest to sell.

These are the major factors that contribute to low gasoline prices. All in all, the world financial crisis as well as the increased supply and decreased demand for gasoline are the primary contributors of low gasoline prices. However, you need to remember that oil and gasoline price is still quite volatile. A small change in the demand or supply can have a huge change in the price for gasoline or oil.

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By now, you may have noticed that the gasoline price have reached an all time low. You may even try and fill up your car full of gas which is a very rare occurrence nowadays. However, before you celebrate, you may want to remember that the country is also affected by the world financial crisis that makes everything expensive.

So, just why is gasoline getting cheaper while everything else is getting more and more expensive? Well, there are basically a few factors that contribute to the price of gasoline. The first is the price of oil. As most people know, the price of oil is determined by supply and demand. Today, there is a surplus of oil supplies while there are limited demands for it. Even in the United States, the demand for gasoline is getting lower and lower each day.

Because of this, oil producers will need to lower the price of their oil in order for it to sell. With this, the gasoline (which is basically refined oil) will also be priced lower in order to entice people to buy gasoline. However, because we previously experienced a very high priced gasoline just a few months before, we tend to adapt to the system and prefer the money-saving system. So, people still continue on to practice saving money on gasoline, which means that the demand for gasoline is continuing to decline.

And, combine this with the world financial crisis, people tend to be shrewder when it comes to spending their money and filling their car with gasoline is not one that you may consider as a priority to spend money on.

Another reason why gasoline price is continuing to go down is because of credit problems of oil intermediaries. Oil companies use contractors in order to function properly. Contrary to what most people think, the company that ships oil to consuming countries is not owned by the oil company. The same goes for the refinery that converts oil to gasoline and other petroleum products. In short, credit woes that hit the supply chain of oil push the price of oil down.

The world financial crisis puts pressure on hedge funds. With investors unhappy about the performance hedge funds and who are liquidating their positions are starting to sell oil futures first. Why? Well, oil futures are considered to be the easiest to sell and they sell them early on before the price becomes any lower.

One reason why the oil reserves are very high is because oil companies anticipated that Asia, particularly China will keep on growing and demand more oil. This was halted because of the world financial crisis. Because oil companies anticipated a high demand for oil in the future, they stockpiled oil reserves by the millions in barrels.

As you can see, there are so many factors that affect the price of gasoline. So, is there a reason to celebrate the low price of gasoline? Well, you can be happy about it but it’s really not something that you should make a holiday out of. You need to remember that the world is in a financial crisis. It affects the basic commodities and you may just need to breathe easily that the price of gasoline is not rising along with the price of the basic commodities.

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You were probably shocked when we had the record breaking fuel prices both on gasoline and diesel in July 2008. What was more shocking was that at one point, diesel prices become more expensive than gasoline. What happened next was completely unexpected. After a couple of months, fuel prices began to drop steeply. Speculator say that prices will reach as high as $200 per barrel but now, it is at $40 to $60 per barrel.

Still, the government took action by releasing funding on exploration of alternative forms of energy and gave incentives on those who produce crops that will be converted into fuel. While the government had been active in its campaign to become energy independent since time immemorial, it was just recently when crude prices were up, that the government had seriously taken it as a priority.

But is biodiesel the answer to unstable diesel fuel prices?

Originally, the diesel engine was designed to run on vegetable oil. But since petroleum diesel was cheaper then, vegetable oil was simply not an economical choice. But now, pump prices have driven farmers to convert their lands into biodiesel plantations. On one hand, the production of alternative fuel like biodiesel is good since its use will reduce our demand for petroleum oil. And if the demand is low, the prices will follow as well.

Since biodiesel comes from vegetable oil, it is 100% biodegradable. It does not hurt the environment. Furthermore, a wide spread use of biodiesel in the future will help solve air pollution in big cities because biodiesel help reduce carbon dioxide and other greenhouse gases emissions. The decrease on petroleum consumption has a good environmental effect.

On the other hand, experts say that while converting farmlands into biodiesel will ease the demand on petroleum products, it will drive the food prices up and may create food shortage. This is because lands that are supposed to be used in producing food are now producing fuel. Many farmers are now focused on fuel production and not on food production. Early signs of food shortage were felt right after farmers began planting more corn. It should be remembered that just recently, corn prices began to rise because of the increasing demand for biodiesel. Prices of other farm-produced fruits and vegetables rose as well.

It is important, therefore, to understand the effects of solving one problem. Does it create another problem in the process? Or will it just be a temporary solution? It is also important not to focus too much on solving a particular problem.

There are other ways to get biodiesel. Recycled restaurant grease, vegetable oil and animal fats can be used to drive your diesel engine vehicle. Other alternative forms of energy that are both efficient and do not harm the environment include solar energy, electric and even water.

No one really knows what the future of diesel fuel prices is, but one thing is for sure: if high prices happened before, it is not impossible that it will happen again. But that doesn’t mean that we focus our attention solely on producing biodiesels. We have to find and develop other forms of energy that will not compromise other important commodities. There is nothing wrong with using biodiesel but make sure that biodiesels will not become the problem that is much harder to solve.

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In business, one of the great factors to work by is when there is price stability or at least predictability. Today, even a semblance of stability may be the first thing that is thrown out of the window as crisis upon crisis hits. In most business planning, a good part of the yearly budget allocation goes to the powering up of machineries and to vehicles for the distribution of goods and materials. As diesel fuel prices fluctuate heavily, business predictability suffers, margins are lost and for medium to small businesses the existence could sometimes be a struggle to stay afloat.

Diesel fuel like any commodity is market driven; it is subjected to the mechanics of supply and demand.

Factors influencing supply and costs
Several factors are attributable to this but the common factor is that as intense pressure is demanded on its supply, the result is a spike in prices. This had been going on for the past several years due to the emergence of developing countries and the continued dependency on oil of the developed ones.

Another factor is the practice of the Oil Producing Countries (OPEC) in setting upper production limits on its members. OPEC members produce 40% of the worlds’ crude and its reserves are estimated to hold 66% of total world reserves. Prices are also heavily affected by trade disruptions and wars. This is more so when it affects productivity like the present war on Iraq. Major price fluctuations also happened during the 1980 Iran-Iraq War and the Oil Embargo in 1973.

One of the greater causes is that few alternative sources of energy are available. If an alternative source of energy is available, the demand for oil will decline rapidly and the product supply and demand will become more balanced. This could result in the rapid decline of crude prices. Sadly though that even until this time, when other resources are actually available and should have been tapped and supported, nothing much had been happening. Solar energy for example has been there and is a great source, its technology has been around since 1950 but it has not gained as much patronage and political will to develop and implement as it should have received.

Due to the continued dependency on oil and its derivatives, refining capacity has been getting tight. While the oil dependence of the vehicle fleet and industry of the United States has been a known value since oil was discovered in the 1930’s and has always had a healthy supply of this commodity, the accelerating growth of industries in China that has been growing industrially only for the last 20 years (thereby accelerating the demand), and the growing requirements of other countries like India and Russia have placed a strain on its production.

Taxes. After the combined cost of the raw crude, refining and distribution, taxes are levied. The tax then gets a boost (even if only in increments) every time there is an increase in crude oil refining.

The recent price fluctuations in oil and its byproducts have once again placed a focus on the tapping of additional and alternate sources of energy. This time may it play out well as even when other oil wells could be tapped, even these could eventually tap out.

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When diesel was much cheaper than gasoline, everybody went to buy diesel engine vehicles. But the soaring prices of crude oil in the world market and the increased demand for diesel have significantly increased diesel fuel prices, especially in July 2008. While it is becoming cheaper now, no one really knows if diesel prices will stay at its current low price level. And so technologists, scientists and environmentalists have developed alternative fuel to fight the soaring cost of fuel prices including diesel and gasoline.

Biodiesel

Originally, the diesel engine was designed to run on vegetable seed oil or peanut oil. But since petroleum fuel was cheaper then, people have forgotten that diesel engine can run on these natural oils. Now, it is making a comeback. Biodiesel, as we know it today, can be soybean oil, animal fats, vegetable oil or recycled restaurant grease. The good thing is, any diesel engine can run effectively on B20 (a mixture of 20 parts biodiesel and 80 parts petroleum diesel). These natural oils are clean and biodegradable. Biodiesel has lower carbon monoxide, hydrocarbons and particulates emissions.

LPG (Liquefied Petroleum Gas)

LPG is a byproduct of petroleum refining, which are widely used for home heating and cooking, can be a substitute to diesel fuel. LPG is cheaper than all petroleum products. It contains hydrocarbons and vapor at its normal pressure and temperature. Its main component is propane. LPG is widely available and can be used as an alternative fuel with a conversion kit.

Ethanol (E85)

Ethanol is made from fermented biomass, usually corn. Completely biodegradable and renewable, ethanol is clean and doesn’t contribute to greenhouse gas emission. It got the name, E85 because it is composed of 85% alcohol and 15% gasoline. Although it is becoming widely available today and can be used on any diesel engine vehicle, E85 is pricier than other types of alternative fuel.

Methanol

Methanol is naturally abundant on earth or can be made by fermenting biomass. It is somewhat similar to ethanol. However, the availability of methanol is still a problem.

Electricity

The two main issues of electric cars are: it cannot cope with the current traffic and battery life. But with the release of the first sports car that runs on pure electricity – Tesla – these 2 issues are put to rest. However, the technology has yet to completely take off. There may be developments here and there but aside from Tesla, there are very few (plug-in) electric cars on the market today. Aside from this, electric cars are very expensive. The next best option, then, is to go hybrid. Hybrid cars have electric motor and diesel or gasoline engine (there are other types of hybrid cars). Although they are more expensive than regular cars with diesel or gasoline engine, they have the best fuel mileage the market can readily offer.

Hydrogen

The most abundant element on earth is hydrogen so it is only fitting to use it as a form of energy. But you cannot get hydrogen for free; it can be made by electrically splitting (electrolyze) water to its basic components – hydrogen and oxygen. In a sense, a hydrogen-powered car runs on water. Unfortunately, the market has yet to see mass-produced hydrogen cars.

You may have noticed that almost all alternative fuels have a problem of their own. But with the undergoing development and constant research, it won’t be long before we see our vehicles running effectively from any of these alternative fuels.

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A lot of people are wondering why gasoline prices today have reached at an all time low when just a few months before, the price for gasoline was really the most expensive since the Iran-Iraq war. Well, it’s not that people are complaining about it but people are really curious as to why this happened. Why the sudden rise in price and the sudden decrease in price?

As most people know, the price of gasoline and other petroleum products depends on the price of oil. If oil is expensive, then gasoline will also be expensive. Now, the price of oil depends largely on the law of supply and demand. If there is a surplus of oil in the reserves and limited demand for it, then the price of oil will be cheap which also means cheap gasoline and other oil products.

Today, there are quite a lot of supply of oil in the reserves and limited demand. This basically explains why gasoline has reached an all time low when it comes to the price. Now, why is it that gasoline is at a very low demand when winter is already coming? This is the time of the year where oil demand is usually very high as people use it in order to heat their homes.

There are quite a lot of reasons why there is a low demand for oil and high supply for it. The first reason is the high priced gasoline only a few months before. People became more conservative when it comes to buying gasoline for their car. Some have started selling their old conventional car and buy new hybrid vehicles that are more fuel efficient. Others are now using mass transportation system such as the bus and subways as a primary way to go to work and school. And, there are also others who organized carpools with neighbors and coworkers in order to save gasoline. People have adjusted to the past gasoline price hike and is continuing to practice it because of the huge savings they made and only realized.

So, just what is the reason for the vast reserves of oil? Well, oil companies thought that Asia is continuing to grow and demand more oil especially China. However, after the 2008 Beijing Olympics, the growth in Asia started to cool down. Also, the growth was affected by the world financial crisis which is also affecting the US today.

Because of this, Asian countries have limited the amount of oil they buy and the anticipated demand didn’t come true. The reserves were unusually high and with limited demand for oil, the price for oil took a plunged along with the price of oil products, such as gasoline.

The world financial crisis is another reason why demand for gasoline and oil is continuing to go down. The fact that people are becoming shrewder when it comes to spending their money, they now save money for emergencies instead of filling their cars with gasoline.

As you can see, there are quite a lot of reasons why gasoline price today is continuing to plunge. In fact, just last July, the price for gasoline was already at its highest at 4 dollars. Just this November, the price went down to almost 2 dollars. As you can imagine, that’s a lot of decrease. These are the reasons why gasoline prices are getting lower and you can continue to expect it to go even lower by the end of the year.

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By and large, the soaring high diesel fuel prices nowadays are generating a shocking effect on all and sundry. With the impact of recession, nearly all country leaders are calling on the citizens to tighten their belts and be ready for the further distractions that may come along. This is not fun at all, so to speak.

A Quick Background

Diesel fuel is named after its creator, Rudolf Diesel, a German engineer. The design was originally patented in the year 1892. Basically introduced to be cheaper than the price of gasoline, diesel has nowadays been subject to the increase in cost. In any part of the globe, diesel is an integral part of the economy. Just like in America, diesel is vital in the people’s way of life, the country’s economy, as well as its overall security. With its value being openly escalating, USA and the rest of the diesel fuel dependents are somehow downtrodden.

Diesel Fuel and How it is Made

The petroleum diesel is said to be refined and distillated from crude oil. In fact, the No. 2 distillate is the most popularly used among the myriad of types or grades. It is also the principal source of motor diesel fuel as used up in the entire United States. It proves useful in heating the buildings and is utilized by most major industries. After all, it contains low sulfur.

On the other hand, you should have heard about the term “biodiesel”. This is another type of fuel which had been unraveled by Rudolf Diesel. It was originally thought of to be rooted from vegetable seed oil. As of the latest technology, biodiesel can be made from animal fats, vegetable oils, and even out of second-hand restaurant grease. Since it is characterized as more nature-friendly, it lessens the emission of carbon monoxide, particulates, and the hydrocarbons. Mixing up 80% of petroleum diesel with 20% biodiesel generally enhances the elimination of sulfur from the diesel fuel engine.

An Explanation on the High Price of Diesel Fuel

You might be wondering why the price of diesel fuel is now more than the price of gasoline. Before, diesel fuel had a lower cost but things have changed. There are factors that affect its price change. They are the following:

The changing season. During the winter season, the demand for the distillate heating oil is up and about so the value of which is also made higher. Talk about the law of supply and demand!

Excise taxes. When the taxes are expensive, then its price also increases.

The value and the worldwide supply of crude oil. The capacity to produce the supply of crude oil along with the assigned value also creates an impact on its price.

The height of refining capacity and international demand. Since the world largely depends on the diesel fuel refineries in the United States, there are times when its capacity ends up too tight thus increasing its cost.

Economic status. Typically the price of diesel fuel is affected by the stability of the economy.

Other factors that affect the diesel fuel prices include the cost of transportation from the refineries and the terminals, the local and regional competition, the costs of equipment, rent, salaries, insurance, local and state fees. So, have you gauged why the value of this much-needed fuel unpredictable?

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