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Pumped Up

In: Other Topics

Submitted By scheek555
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After a period of relative stability, the gasoline prices are rising steadily. The average retail price of gasoline is $2.55 a gallon, but some stations are charging more than $3 a gallon. Why have gasoline prices risen so high in the recent years?

High gas prices are initiated by high crude oil prices. Like most things we purchase, both gas and oil prices are affected by supply and global demand.

According to Collinge and Ayers (2004), supply and demand analysis captures the essential role of competition in the free marketplace. Demand is more than merely wanting a good or service. Demand is a relationship between price and quantity. By the law of demand, “market demand curve slopes downward, indicating an inverse relationship between price and quantity demanded.” They go on to say, “like demand, supply is also a relationship between price and quantity. Supply shows the quantity supplied for each possible price. Unlike the demand curve, market supply curve slope upward, reflecting the law of supply. Thus, price and quantity supplied are directly related.” For simplicity, when supply and demand meet in the marketplace, a price is created (Collinge and Ayers, p. 64) and the supply of crude oil shifts and the quantity adjust to new market equilibrium resulting in no tendency for either price or quantity to change (Collinge & Ayers, p. 426).

In my view, the world is not producing the amount of oil demanded which is why gasoline prices are so high and gas station owners setting their own prices based on how much their competitor’s is charging. In response, the ones at the pump paying the price illustrate the invisible hand at work.

Finally, I conclude with a quote by Graffito, an Author, who said, “Let us be realistic and demand the impossible.”

References

Collinge, R.A., & Ayers, R.M. (2004). Economics by Design: Survey and

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