BP is “a global oil and gas company headquartered in London, United Kingdom. It is the third largest energy company and the fourth largest company in the world measured by revenues and is one of the six oil and gas “supermajors”. After the oil spill the price of gas didn’t spike significantly. In fact, most oil companies, including BP who was responsible for the oil spill in the Gulf of Mexico, actually lowered the price of gas at their establishments. Although we did not see a rise in prices in the short-term, as a nation we are experiencing the long-term financial symptoms of it.

“Like most of the things you buy, oil prices are affected by supply and demand. However, oil prices are also affected by oil price futures, which are traded on the commodities futures exchange. These prices fluctuate daily, depending on what investors think the price of oil will be in the future. When traders think oil will be high, they bid it up even higher. This soon causes high gas prices.”

The citizens who will be most effected by these prices are the landlocked midwesterners who are used to paying moderate prices for fuel. Prices have been volatile in the most recent weeks ranging from $2.59 per gallon to $2.92 per gallon in more metropolitan areas. If you are a college student with a car, this can really have an effect on your weekly and monthly budget for expenses. It is important we are aware of the reasons things are changing in our economy. Remember, your Place Property is made for smarter student living. You can decrease the amount you need to spend on gas by taking advantage of the accommodations your place has to offer!