How does Nigerian Niger Delta affect Global oil price?
550554
The Niger delta is one of the largest oil production areas in Africa and hence has a big impact on the barrels produced per day in the region.The prices are dependant on the production form this area.
68168
Gas prices are set based on supply and demand. If more people are using gas or there is a lower amount of gas being produced then the prices will go up.\n\nThe recent increase in prices is probably due to the growing tension with Iran. If for some reason the oil from Iran is cut off, there will be less production.
598452
Been out of the industry for a little while now so cant give you precise figures, but what I can tell you is that North Sea crude is pretty much specialised and is virtually all exported.\n\nThe UK exchequer sells our crude for more than we pay to import generally.\n\nIt is not the type of crude which lends itself to petrol production either.\n\nIt was also pretty badly drilled at the time which means that whilst there is actually quite a lot left, most of it will be to difficult and expensive to be extracted, so the supply is diminishing quickly.
645884
Actually, many different factors affect the 'per barrel' price that we hear about on Money Talk and other programs like that. Part of it is the amount of oil which has been produced and is available to be shipped (in that sense, yes the US production adds to the giant pool and drives the price down). However, the price is also affected by speculation, where traders buy up future oil production because they think there will be problems. But most of all, you have to remember that this is not a Soviet-style planned economy, no matter what some people on this site complain or hope. The oil is only 'ours' so long as it remains in the ground; once it is pumped out, it is the property of a multi-national corporation that may do with it whatever it feels will benefit its stockholders. If they feel they can get a better return than the market states by shipping it to China or Japan or Luxemburg, they are perfectly free to send it there; if that causes future US prices at the pump to go up, that is perfectly legal. Also, if the market says a barrel of oil is selling at $70.00 a barrel and the company pays only $20.00 to extract a barrel from a well that they control, the company has just made a profit of $50.00; if it costs them $80.00 to extract that barrel, then the well will be shut down until such time as the well will become profitable in the future, as the earlier answer had pointed out in Michigan. Again, that is perfectly legal.\n\nYes, the oil reserves of the United States are immense but, as is stated so often in this site, those reserves are often in places which are too remote or too expensive to work, or areas that are believed to be too ecologically or culturally valuable to be made available for drilling. This is another reason why the debate over domestic drilling is so often bitter. Some people feel a baby seal is more valuable than a gallon of high test, some people feel that if the seal is so worried about staying alive maybe it should get off of its butt and start evolving into something more valuable.
157580
Oil - When the supply of oil from petroleum exporting countries diminish, its effect on the world market is greatly felt on the prices of various other commodities.
391496
oh it effect more than just stock in the "oil" market... it effects everthing.  from stocks to futures.  it is complex, if i were you i would go to the wall street journal
313328
rebuilding oil platforms allows them to function, meaning that they can drill for oil increasing supply. As supply rises, prices tend to decrease if demand stays the same. \n\nHowever, given that the problem is not raw supply but refinining in the us (you can't put crude oil into a car), prices aren't going to subsantially decrease due to rebuilding of gulf coast oil rigs.
561541
Try Reading the END OF OIL by Paul Roberts.\nIt'll run out a darn-sight sooner than we thought!\nOIL companies have/did lie about the amount of oil they have left.\nThe oil that is being pumped now has 2 go thru more refining than ever B4 & is down 2 the amount of Sea water they pump in 2 the fields.\nEverytime a alternative 2 oil is investigated the Oil companies surpress the data.  They R not going 2 give up on oil until every last drop has been extracted & no-one can predict exactly what affect this will have on the Planet. I'm sure that any warnings would proberly supressed by the oil companies 2.
1087021
Crude oil causes the instability of the planet if you know what I mean.
87968
The price of gas changes because the price of oil changes, due to OPEC basically setting the price. Gas companies raise their prices accordingly, based on what they estimate gas will cost in the future (6 months or so), so they have the cash on hand when they need to buy oil to refine into gasoline.
188335
iraq has the 2nd largest oil deposits in the world. Before the war these could not be exported due to UN sanctions. UN sanctions would not be lifted untill saddam complied with the UN regulations and allowed inpectors in. Answer.... get rid of him. If Demand for oil is increasing, and supply remains the same. prices would go up. So if supply increases with demand prices wont change, and blair and bush will get re-elected!! They might not be popluar for liying about the war but niether would they if you were paying £8 for a gallon
278954
"In today's complex global markets, the price of crude oil is set by movements on the three major international petroleum exchanges, all of which have their own Web sites featuring information about oil prices. They are the New York Mercantile Exchange (NYMEX, http://www.nymex.com), the International Petroleum Exchange in London (IPE, http://www.ipe.uk.com) and the Singapore International Monetary Exchange (SIMEX, http://www.simex.com.sg)."\n\n\n\nBasically the availability of oil as well as the cost of finding more are the main reasons for the pricing of crude oil. But there are a lot more factors that come into play when you start talking about gas prices which are connected directly to the cost of oil.\n\n\n\n"Global economic expansion is driving what the International Energy Agency says is the biggest increase in oil demand for 24 years.\n\nOil companies have tried to become more efficient in recent years and operate with lower stocks of crude oil. This means there is less of a cushion in the market against supply interruptions.\n\nThe combination of low stocks and Opec action to keep them low leaves the market exposed to the prospect of sudden price rises if supplies are threatened.\n\nThe world's major oil consumers remain dependent on the Middle East for their oil. Recent violence in Iraq and Saudi Arabia has again raised fears about an interruption to supplies.\n\nAnalysts also view political tension in non-Middle East states Nigeria and Venezuela as having the potential to disrupt exports and drive up world prices.\n\nLow US gasoline stocks and pressure on US refiners to increase production of new gasoline blends have also helped drive world crude oil prices."\n\n\nHope this is what you were looking for, please send me an email and I will elaborate more.
1125770
Nigeria is your destination. Nigeria is a country in West Africa and they've got a lot of crude oil money to spend. I am not an importer, I am a computer Engineer but if you want I can get you hooked up with some boutique materials importers that i know.
671618
George Bush has nothing to do with the gas prices. OPEC does. He's the US President, not God and ruler of all the world.
32625
Rising prices of fuel increases inflation because almost all man made fibers, plastics etc. are created using oil.  Therefore the cost of raw materials goes up.  \n\nThe factory that produces the finished product has to use energy to produce their goods whatever they may be.\n\nThese goods then have to be shipped to market using transportation that requirs fuel.  \n\nAll this leads to a spiral of inflated cost throughout the supply chain which causes an increase in inflation throughout the global economy.
30554
No oil prices won't drop and the oil companies will continue making huge profits. Bush has interests in oil companies thats why the prices began climbing, the day he came into office. Katrina was a legit excuse for raising prices so oil companies won't let go of this excuse.
642020
OPEC is important because its member states account for enough crude oil production that they can influence prices.  They certainly do not control prices to the extent that they did back in the 1970s, but they are nonetheless very powerful.  I've provided a link for you