How market works
Description
This unit deals with the relationship between price, supply, and demand. Here are just a few national gas at-the-pump prices comparing 2008 with 2020 to 2022.
- 2008 Average: $4.11
- January 2020: $2.51
- March 31, 2021: $1.97
- November 2021: $3.39
- June 2022: $4.96
- November 2022: $3.77
- December 2022: Under $3
After research, explain at least three causes of gas price fluctuation using the terms and reasoning addressed in this unit. Some reference websites are provided below to help, but you may use others.
Sample Sources:
- GasBuddy. (2020). 2020 year in review: A look back at a historical year for gas prices. GasBuddy LLC.
- Meehan, T. (2021). Gas prices remain more than $1.25 per gallon higher than this time last year. Scripps Media, Inc.
- Palma, B. (2022). Was US average gas price in June 2022 the highest it’s ever been? Snopes.
- Gas prices. (2022). AAA.
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