Some country call it petrol, some call gas but it is the same thing. An update on gas prices in USA as per today, the gas prices has soared to $3.103 from the highest ever recorded price on Sept 4, 2005 is $3.057. It a bad news to the consumers but good news to oil producers countries like Saudi Arabia, UAE and Algeria. With these oil money, development within those oil nations has been tremendous for the past few years.
An article published by CNNMoney suggesting on how to lower gas prices is quite interesting. The six suggestions are :
- Pass a carbon tax – By making the gas prices higher, it will resulted in less demand by the consumers. Thus, the oil company will be getting the pressure to lower down the prices because of the less demand.
- Increase efficiency – The industry will have to increase the vehicle efficiency by reducing wastage in gas usage. Layman term, switch off the engine while waiting. Buy new car with fuel economy engine.
- Push alternative – Get those biofuel manufacturers to double up the effort to produce biofuel in the market. Influx the market with biofuel and the prices of gas will definitely go down.
- Require oil company to make more gas – Less gas more demand, more gas less demand. Give quota to oil company to produce certain quota of gas into the market.
- Build gasoline reserve – When reserve is established, it can be used to counter any gas price increase.
- Drill more oil – Bydrilling more oil, it will increase more stock in the market and gas prices will go down. But will those oil producers do this when they are raking billions of dollars at higher prices? I won’t!
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6 ways to lower gas prices
From a big fat tax to more efficiency to boosting production, there are ways to do it – but which really stand a chance?
May 13 2007: 8:03 AM
EDTNEW YORK (CNNMoney.com) — In a free market economy, there are two basic ways to bring down the price of a product – increase supply or cut demand.