Oil prices, and consequent gas prices, are regularly discussed by many people. M

Question

Oil prices, and consequent gas prices, are regularly discussed by many people. Most consumers have been happy with lower oil and gas prices in the past few years because low prices make many activities cheaper in the short run. However, low prices also encourage additional consumption (meaning faster use of non-renewable reserves). In light of the information about both oil and the interaction of supply and demand provided in the assigned text, do you believe higher or lower oil and gas prices now are better for humanity in the long run (consider how prices now will likely impact us decades from now)? What caused you to arrive at this conclusion?

Explanation / Answer

the price of the fossil fuels and its consumption are related each other, when it is available for cheeper prize people will tend to use without any limitation or concern, and less use of public transports etc. when the price hike most of them will concern about the expenditure of the fuels, and so they regulate the use, it will eventually leads to less use. but we cannot say it is better to be in higher prize for less use, because the price hike will affect majority of the people whose major income is related to transport system and the expense in transport will affect everything the public need, so we have to be in an optimum value, so that we should take care of the consumption and it should not be a burdan to the people.

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