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3 Reasons For High Gas Prices and What You Can Do About It
Consumers all over the world have taken a keen interest in finding out the reasons for high gas prices, following the recent spike in crude oil prices. Prime on the minds of motorists these days would be the various measures one can take in order to combat rising fuel prices. This article seeks to provide an explanation behind high gas prices as well as the measures individuals can take to reduce the burden of increased fuel costs.
For one, demands for oil and gas have been increasing each year. Oil and gas is often required as a fuel for industrialization and other high growth economic sectors. With developing countries such as India, China and Vietnam growing at a rapid rate, demands for oil and gas have increased in order to meet the fuel needs of these rapidly growing nations. Moreover, demand for oil and gas supplies amongst developed nations such as the United States and Britain have also been increasing as these nations continue to grow increasingly wealthy. Such a situation has resulted in unprecedented levels of demand for oil and gas supplies, leading to increased prices given the limited supply.
Moreover, the political situations in the major oil producing countries in the world such as Iraq, Iran and Nigeria have grown increasingly unstable. In Iraq for instance, the defeat of the Saddam Hussein government has resulted in much unrest as groups loyal to the former Baath Party continue to battle with the minority population. Suicide bombings and unrest have resulted in disruption of supplies. Given the increasing demand of oil and gas, the tricky political situation in these countries has only resulted in pushing up gas prices.
In addition, it is important to note that 40% of the world’s oil supplies are in the hands of the oil producing cartel OPEC. Decisions by OPEC often have a large bearing on the direction gas prices are heading. It is worthy to note that in recent years, OPEC has often come to a consensus to not increase the daily output quota of oil and gas despite increased demand throughout the world. This in turn manifests as higher prices as shortages serve only to push up current gas prices.
Yet, the future does not look as bleak as it seems. The fact is, there are many measures consumers can take in order to reduce the current strain on their pockets.
Perhaps one of the easiest things to do would be to drive a more fuel efficient car. For most people, giving up that SUV might be a pretty difficult decision to make. However, it is a fact that smaller cars often provide greater fuel economy. Consumers should check with their car dealers for the fuel specifications of a car before making a purchase. In most cases, a smaller car would allow you to save more on fuel as you would be able to cover greater distances as compared to a non fuel efficient car.
It would also be a good idea to reduce your rate of acceleration when driving. Revving of the engine is known to burn more fuel as compared to gradual acceleration. The harder you step on your accelerator, the faster your car consumes gas.
It is impossible for us to change the price of gas. Yet, saving on fuel expense is very much possible if we adopt the right practice. So start saving gas today, it is your pocket at stake after all!
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