THIS IS FOR ECONOMICS (please help) Gas prices have risen over a dollar the last 3 months. Apply the concept of supply and demand and explain what would happen to the supply of …

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asked Jan 17, 2024 150k views

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Martin Noreke · Answer 1 · 2024-01-18T23:37:41+0000

The price is higher when demand exceeds supply and lower when there is more supply available than demand. Gasoline and other fuels, such as diesel and jet fuel, are made from oil through the refining process. Oil is the largest factor in fuel price, but the price of fuel is also determined by supply and demand.

THIS IS FOR ECONOMICS (please help) Gas prices have risen over a dollar the last 3 months. Apply the concept of supply and demand and explain what would happen to the supply of …

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