FINDINGS & SUGGESTIONS

·         The prices of crude oil had shown significant raise from 2008.

·         Dollar prices are one of the important factors, which need to track constantly.

Besides supply concerns, many other issues have also had some effect on oil prices. Labor strikes, hurricane threats to oil platforms, fires and terrorist threats at refineries, and other short-lived problems.The government policies for the trading and distribution of crude oil and the tax policies for private sector of government also influence the oil prices in India.The growth of industries, the increasing number of vehicles, and use of other oil based machines is also responsible for the oil rates inflation.        The labor costs and the other factors which needed for production of oil in oil refineries and the transportation cost is also influence the oil cost.The Indian substitutes like, ethanol bio fuel, and jatropha playing a major role in control the oil prices. 

CONCLUSION
the price bubble of 2008 in petroleum industry is a peak of crude oil prices and those prices are constant up to 2012 but the government policies and the efficient use of petroleum can control the prices of petroleum, petroleum suppliers countries is the major controllers of crude oil and hence the petroleum prices are mainly depends on that countries. The prices of dollar and the policies of major countries of world like America Russia China and India is also influences the prices of petroleum, hence it is clear that not only demand and supply can control the prices of crude oil but the above factors is also important.

The Labor strikes, hurricane threats to oil platforms, fires and terrorist threats at refineries and other problems also influences the prices of crude oil and that is not in the control of us hence it is very important for us to implement the better things which is in control of us, we can use other substitutes Like jatropha, bio fuel, electric vehicles, ethanol etc. for control the oil prices, if we use petroleum very carefully it is efficient for us and for the further generations.

  Crude oil is a commodity that the 21st century inherited from the 19th century, with all of its benefits and drawbacks. Of all of the traded commodities, it has the broadest impact. How the world interacts with the crude oil industry in the years to come will have a wide-reaching impact on the environment, the global economy and our daily lives.