Gas Junkie - Gasoline Prices Questions

Question #1:

When prices of products increase, is that a sign that Jesus is returning soon ?

I noticed that gasoline is going up a little.

Question #2:

What should be the laws and limits of Price Gouging in a free market society?

Things like food, gasoline and everything else? Should businesses be allowed to sell things at an extremely high unfair price especially DURING A CRISIS? What do you think?

Question #3:

Which month and year (recently) did the gasoline prices skyrocket in the U.S. causing the price of everything?

else to skyrocket? I don't need to know the exact month, but at least a season (was it spring, summertime, etc.?)

Question #4:

Consider the following pairs of goods. What are the price elasticities for each of them, justify you answer.?

Consider the following pairs of goods. What are the price elasticities for each of them, justify you answer.
a.water and diamonds
b.food in general and breakfast cereal
c.gasoline over the course of a week or gasoline over the course of a year

Question #5:

How would you compare gasoline to the bible?

im doing an expirament on if the how high octane's mileage makes up for the price of it and i need a bible verse and application (how the bible verse goes with the project) to go with it but i dont know what passage to pick... the high octane did end up making up for the price so if you could fit that in there, that would be great

Question #6:

Remember when liberals blamed Bush for gas being $4.12 per gallon in July 2008?

So then how come nobody thanked him when gasoline prices fell all the way down to $1.65 per gallon just FOUR MONTHS LATER the following November? Click Here

Question #7:

Calculating Inflation?

Everyone complains about the high price of gasoline. You may have heard some adults talk about the "good old days" when gasoline sold for about 30 cents a gallon. Those "good old days" were the 1960s and early 1970s. How "good" were they? In real terms, how high is the current price of gasoline? Use the following data from the National Transportation Statistics 2002 report by the Bureau of Transportation Statistics to answer these questions. The base year for the CPI is 1983. Recall that in the base year the CPI is 100.


Year Retail Price of Gasoline
Per Gallon (Current dollars) Consumer Price Index
1960 $0.31 30
1970 $0.36 39
1980 $1.25 82
1990 $1.16 131
2000 $1.51 172

Calculate the real price of gasoline (the price after adjusting for inflation) using the price of gasoline in 1983 dollars.

Question #8:

math question....helpppp?

Hannah filled her car at the gas station. She bought 48.3L and her bill was 37.43 dollars. What was the price of the gasoline in cents per litre?

Question #9:

What is the price per gallon of 87 octane gasoline in your area?

If you would like to, please note your nearest metropolitan area. Thank you. Here on the corner it is 2.64, in the detroit area.

Question #10:

Word problem.. Please help!?

A family is planning a three week vacation for which they will drive across the country. They have a van that gets 18 miles per gallon, and they have a sedan that gets 32 miles per gallon. How much more will they pay for gasoline if they take the van?

Also, if the price of gas rose by 40 cents between the planning of the trip and the actual trip? How much more would the gas cost for the trip?

Thanks much!
Please show how you got the answers! 10points!

Question #11:

Would you say the oil companies are like circling vultures, waiting for their chance to stick it to us again?

The recent indications are that Americans are driving more. Is this the GO sign for the bottom feeders in the oil industry to start their inflationary trend for raising prices ? The speculators are already anticipating $3 gasoline this summer.

We can still beat these low lifes by curtailing driving as much as possible. It's all about supply and demand, don't let them fool you that it's not. The less we consume, the softer the prices will be. Let's beat these dogs at their own game ! What say you ?
We know about government intrusion on oil prices. We also know about speculators looking to get rich quick. This doesn't reduce the oil industries desire to start an inflationary trend on an already weak economy. I don't need to be in the industry to know it is filled with bottom feeders.

Question #12:

Alegrbra homework help?

Depreciation (the decline in cash value) on a car can be determined by the formula V= C(1 - r)t, where V is the value of the car after t years, C is the original cost, and r is the rate of depreciation. If a car’s cost, when new, is $15,000, the rate of depreciation is 30%, and the value of the car now is $3,000, how old is the car to the nearest tenth of a year?

On January 1, 1999, the price of gasoline was $1.39 per gallon. If the price of gasoline increased by 0.5% per month, what was the cost of one gallon of gasoline, to the nearest cent, on January 1 one year later?

The price of a stock, A(x), over a 12-month period decreased and then increased according to the equation A(x) = 0.75x2 - 6x + 20, where x equals the number of months. The price of another stock, B(x), increased according to the equation B(x) = 2.75x + 1.50 over the same 12-month period. At what two prices, to the nearest dollar, are both stock values the same? State the lower price first

Question #13:

If carbon taxes work, why do people use clothes dryers in the summer? Hanging clothes out is FREE yet?

... using a dryer and paying for the electricity is a "tax" people willingly pay to accomplish what could be done for free?

Since gasoline prices have doubled over past 6 years, have you quit heating your house or cut back heat by much?
Greg,

yes but only some places

Question #14:

Since we do we simulate a potential meltdown of American society like a soap opera on CNN?

Since we do we simulate a potential meltdown of American society like a soap opera on CNN??

Did this seem extremely odd to anyone else??

Click Here

It is September 2009. A Category 5 hurricane roars through Houston, destroying oil refineries, drilling platforms and pipelines--the complex system that provides a quarter of our nation's daily fuel supply. Three days later, terrorists attack two key oil installations in Saudi Arabia, the world's largest supplier. In the days and weeks that follow, gasoline prices hit record highs, food prices soar as trucks cannot afford to make deliveries, and Americans begin to realize that their very way of life is in peril.
It's airing on CNN right now.
They're saying the govt. needs the ability to"quarantine" cell phones in case of a cyber attack?...
reality.............the "simulation" currently airing on CNN.

Question #15:

Gasoline prices have doubled since 2003. Shouldn't 0bama use carbon taxes to double them again since?

.... people have hardly cut back on driving or heating their home (fuel oil) even though prices have gone up so much?

Question #16:

New cars are normal goods. What will happen to the equilibrium price of new cars if the price of gasoline...?

I'm stuck on this question in my economics homework can anyone please help?
Thanks, Alyssa

New cars are normal goods. What will happen to the equilibrium price of new cars if the price of gasoline rises, the price of steel falls, public transportation becomes cheaper and more comfortable, auto-workers accept lower wages and automobile insurance becomes more expensive?

A. Price will rise.
B. Price will fall.
C. Price will stay exactly the same.
D. The price change will be ambiguous.

Question #17:

Where will the common GASOLINE fuel price be in one year by your sincere and educated...?

...hypothesis ?
The Commodities Futures Market is riding the wave of public perception with a thirty to fifty dollar per barrel cushion over demand/supply/availability by formulaic guessing methods. Is it a time to rejoice at a building public demand for a cleaner and less costly energy fuel for our power needs ? Can the U.S Federal Strategic Reserves be safely released to balance the price to a less costly level ,Or will that continue to not be "prudent" ?

Question #18:

Why did gas prices TRIPLE under the bush energy policy, then plunge 4 months before the 08 elections?

Under the bush energy policy, the price of gasoline tripled.

From Feb 01, 2001 the price of gasoline steadily rose from 1.44 per gallon up to a historical high of 4.11 per gallon in july 2008. Then in the 4 months before the 2008 elections, gas prices suddenly plunged 42% from 4.11 per gallon to 2.40 per gallon. In October alone, it fell a whopping 1.28 per gallon. Basically, gas tripled then magically "fell by half" right before the election.

Average gasoline price per gallon:
feb 01 2001 = 1.44
july 07 2008 = 4.11
oct 06 2008 = 3.48
nov 03 2008 = 2.40

(Keep in mind that America produces 43% of it's oil and imports 57% of its oil)

(Source: US Dept of Energy- Energy Information Administration) ( Click Here )

Question #19:

Why did the price of synthetic motor oil go up?

If the price of gasoline and oil is based on the price of a barrel of oil, then why did the price of synthetic motor oil go up? Since the prices have gone up over the years, I can understand why conventional motor oil would go up in price. But, I don't understand why the synthetic price would go up. Is this just another way for the big oil producers to gouge us. ExxonMobile's Mobile 1 product has doubled in price so I'm curious why.

Question #20:

What would be a good topic to write about regarding economics?

I have to write a research paper for my college level economics class. The topic can be anything regarding economics. For example, why does gasoline go up in price when it is in high demand on some holidays, while price for items such as turkeys or eggs go down while demand goes up during other holidays. I hope that makes sense, my professor used that as an example. But it doesn't have to be very similar to that, it can be ANYTHING. One more example would be why does a certain franchise's business go bankrupt? I'm up for any ideas.

Thanks!





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