Oil production in North America is at an all-time zenith, with fields in North Dakota and Alberta as fruitful as ever. There are plenty of examples where political matters have caused a disturbance in oil production and affected prices.
Second, even though million gallons of oil was spilled, it was over a long period of time. That started to occur in By restricting production, OPEC could force prices to rise, and thereby theoretically enjoy greater profits than if its member countries had each sold on the world market at the going rate.
Summer will also drive up oil prices as more Americans take to the roads for vacation.
OPEC plays a significant role in keeping costs low or high by managing their production quotas. The Arab Spring revolts lasted through the summer and resulted in an overturn of dictators in those countries.
Between these two, offshore oil and gas platforms were destroyed and oil and gas pipelines were damaged. Another area that limits the need for oil and causes prices to drop is the increase in the availability of hybrid and electric vehicles.
Sometimes, in the winter, it is hard for refineries to keep up with the demand for home heating oil, causing an increase in price. For example, if oil prices drop in the winter, buyers might predict a price boost in the summer when people need gasoline to travel.
Demand from major countries.