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Economics is the study of how human beings coordinate their wants and desires, exhibitn the decision-making mechanisms, social customs, and political realities of the society (Colander, 2004, p. 3-4). There ar two problems that bide any economy on a given summarize this is how much should be produce and who it should be produced for. This paper give summarize an article from Chevron, and the egress and demand on get stuck up and why prices outgrowth. Throughout the years, the cost of gasoline has fluctuated greatly. Consumers give watched in idolatry as prices nonplus plummeted bring down to less(prenominal) than a buck a gallon and up to more than than three dollars a gallon. In the wake of Hurri faeceses Katrina and Rita, the U.S has seen gas prices skyrocket. The sterling(prenominal) single gene that may contribute to the rise and spillway of gas prices are fluctuating demands and competition within the covering industry. Several factors will govern what c auses the rise of gas prices. These can include natural disasters, or other factors. As verbalise by Chevron: Crude fossil anele prices have risen dramatically over the last year, determined by strong global demand, limited spare oil proceeds capacity, continuing political instability in veritable oil producing regions, and most recently reduced supply from the violation of hurricanes in the Gulf of Mexico (2005, p. 1).

During the hurricane, supply stations had to be unopen down or were severely damaged by the storms. This caused a supply and demand problem within the United States. Individuals and families w ere evacuating the range and were in need o! f gas to get out of the touch on areas. Due to the shut downs individuals across the country were panicking that there would non be enough gas and were heading to the pumps in droves. This caused an outgrowth in demand when there... If you want to get a powerful essay, order it on our website: OrderCustomPaper.com

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