Q:

What are some factors that influence oil prices in New York?

A:

Quick Answer

Some of the factors that regularly affect the price of oil in New York include the weather in the city and the overall global demand for oil. Demand for oil affects the price that oil commodities go for on the global market, which affects the price at the consumer level.

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Full Answer

The price of oil may go up during or right after periods of cold weather, especially when it is unseasonably cold. This is because properties in New York that are heated by oil use more than they normally would and increase demand. Factors out of consumer control, like gluts or shortages of oil, can also affect the overall price.

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