I’m working on a economics discussion question and need an explanation to help me learn.
Gasoline prices have and will continue to be a major topic in the economy, were front-page news in Texas following Hurricane Harvey in August & September 2017, and again are making news during the COVID-19 pandemic.
-What has happened to the price of gasoline over the past 12 months?
-Discuss the recent changes in price from a supply and demand standpoint, and describe what most likely happened on the supply and demand graph for the gasoline market.
-Was the hurricane actually responsible for a gasoline shortage and the increase in gas prices in Texas in 2017, and were the price increases due to shifting demand, shifting supply, or both?
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