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Frequently Asked Questions

Why is oil going up in price?

In some cases, wholesale oil prices go up because the producers simply choose to make it less accessible, such as by restricting the output volume. However, a variety of other situations can also lead to increases, including civil turmoil and natural disasters.

Why are gas prices rising?

Weather events like hurricanes can cause gas prices to rise. The price of oil can significantly impact the price of gas. Gas price hikes can be caused by fears over shortages, seasonal demand spikes, and production decisions made by oil cartels.

What is the world oil market?

Crude oil, also known as petroleum, is the world's most actively traded commodity. The largest markets are in London, New York and Singapore but crude oil and refined products - such as gasoline (petrol) and heating oil - are bought and sold all over the world.

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