Economics of Gas Prices

Number of Pages 7

A 7 page paper discussing the rise and fall of gasoline prices in 2005 and 2006. Gas prices experienced an intense price spike such as that which followed Hurricanes Katrina and Rita in 2005. Even more curiously, world oil prices spiraled upward at about the same time, eventually reaching more than $78 a barrel in July 2006. That price for crude translated to prices of more than $3 a gallon at the pump, but in recent weeks the price of crude has been falling and so have the retail prices at the pump. The purpose here is to investigate why that might be. The paper discusses supply and demand, as well as price elasticity. Bibliography lists 7 sources.


File: CC6_KSeconGasPric.rtf


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