RES 341 THE PRICE OF GAS

The Price of Gas

University of Phoenix, Research & Evaluation I

The price of gas is a cost that affects everyone who drives a car. However, the price of crude oil is a cost that affects everyone. Crude oil is refined to produce many products including heating oil and natural gas for homes, tar and asphalt for construction, and a variety of lubricants used in machinery in addition to producing gasoline for cars. Although everyone has an interest in the cost of crude oil and the manufacturers of crude oil know this, a range of factors outside of their control does affect the price of gasoline. Supply and demand is an unchanging principle of cost and gasoline is not exempt from its influence. Government fees and taxes on gasoline are also significant and can...