Despite the global financial crisis, you may have noticed that the price of gasoline and other petroleum products are continuing to fall. So, why is it that gasoline prices continue on falling even if the whole world is experiencing a financial crisis?
Well, there are basically several factors that contribute to gasoline prices. The first factor is the supply and demand. Because of the significantly low demand on oil, oil companies tend to decrease the price of their oil products, such as gasoline in order to encourage people to buy. There is also a surplus of oil in the world. With an extensive supply of oil, oil companies will want to dispose of it by lowering its price.
So, just why is there a surplus of oil and why is it that the demand for gasoline and other oil products are very low? The answer to this question is that because of the previous oil price increase just a few months ago, people are now more aware of how to save money on gasoline. People are now well adjusted to the lifestyle of having high priced gasoline and up to this day people are still very conservative when it comes to buying gasoline.
And, even if the gasoline price decreased...
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