Why is the oil price going down and rise?

what is the main factor to decide the price of Crude oil from OPEC ? u know what i mean

4 Responses to “Why is the oil price going down and rise?”

  1. Evan P Says:

    um there are many different factors such as they found a new oil field or one is about to run dry. one of the reasons that gas prices have dropped in America recently is because while everyone was worried about the 700B bailout congress pushed through off shore drilling which caused the oil speculators to drop prices

  2. maurc1609 Says:

    the reason the gas price is going down right now is because were in the process of voting….the republicans think that if they lower the gas prices then we will vote for them but as soon as it’s over the gas prices are going to go up

  3. kenny Says:

    Its a question of supply and demand ,the industrial world needs oil to survive it cant live without it , thats the pit we have dug for ourselves .We cant supply all our own needs from local production and its getting more expensive to find and to get it out of the ground or sea bottom . so we have to buy in from external sources .
    Those sources have the power to set the price , we dont any longer because we need the oil , THEY HAVE US OVER A BARREL,
    so now we have a downturn locally and dont need so much oil ,THE PRICE DROPS then the external producers drop their production to suit and the price goes up again.
    IPSO FACTO. the arabs have us by the short and curlies , thats why the boys are fighting in iraque.
    So go back to the horse and buggy stop flying about , make your clothes and kitchen tools from natural products stop watching the box , and live a natural life not a tv soap opera , then maybe we get back some sanity.

  4. crimsonedge Says:

    OPEC doesn’t decide the price. They can only determine how much to supply and from that try and collude to set the price (they supply less in order to rise the price; which is hard to get every member country to do because of the law of supply).

    It matters how much they supply but also how much the world demands for oil. Right now demand for oil is low so the price is falling.