Gasoline is still in high demand and looks as though it will remain that way for many years. Taxes have a minimal affect on the demand for gasoline. No matter what the taxes are, someone will still buy it. The gasoline, and oil industry in general, is inelastic because the quantity demanded only somewhat fluctuates with price changes...
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The most significant change in demand may be if an increase of taxes causes a dramatic spike in gas prices, causing people to panic and stockpile gasoline at the lowest price possible before the prices raise too high. The government tried to use taxes on gasoline to motivate people to consume less gas, but research has only shown that taxes do nothing but consume more from people’s wallets...
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Gasoline O.P.E.C. which stands for Organization of Petroleum Exporting Countries, is made up of 13 countries: Iran, Iraq, Kuwait, Saudi Arabia, Venezuela, Qatar, Indonesia, Libya, United Arab Emirates, Algeria, Nigeria, Ecuador, and Gabon...	8 / 2048
What affects gas prices Hurricanes can damage offshore drilling platforms, coastal refineries and shipping ports. This was the case in hurricane Katrina. If a tanker is lost or damaged and leaks into the ocean, that can affect prices...	2 / 482
Gasoline Prices One good example would be Hurricane Katrina. The production rates went down and therefore caused a gasoline price hike. Another event that has affected the gasoline prices is the war that our country is currently in...	2 / 288
Supply, Demand, and Price A number of people that I have asked a few of my neighbors and they told me that if demand took a day off then the surplus of gas would lower prices. In other words, if drivers didn't drive for one day or even one-half day supply would build up and prices would have to be lowered...	4 / 978