Sunday, October 24, 2010
Gas prices inch up as oil prices rise
According to this article oil prices are on the rise again. It explains to possible reasons for the increase. This rise in oil prices will no doubt slow down our economic progress in getting out of our current economic recession.
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3 comments:
Rising oil prices could also indicate that the economy is recovering. One of the reasons oil prices fell in 2008 is because demand for oil dropped significantly. Perhaps prices are rising now because demand is rising as well.
I think china is basically the one dictating how much oil is costing.. When prices were so high a few years ago it was because China was buying all of it. When they slowed down prices were able to fall since the demand was no longer there.. I disagree that this is a sign of an improving economy, and will probably slow us down a little in our recovery..
I think the price is rising because the demand is rising as well. More people are purchasing more fuel. Weather it be for leisure or for work. In a way it can be looked at as a good sign for the economy. Rising oil prices is never fun, but it is bound to happen.
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