Gm545 Week 2

In: Business and Management

Submitted By sblomq24
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Exercise 1
Gas prices are influenced by the price of crude oil, the consumers need for gas, and the markets supply of gasoline. The Oil Producing and Exporting Countries determine how much oil to produce and sell to other countries (Forbes, 2008). As the amount of oil increases in the market the price of gas decreases, in turn if the supply decreases the price of gasoline increases. Not only is the price of gasoline affected by normal supply and demand changes, it is also affected by global events. Oil is traded worldwide which means that many factors can influence the price of oil by various events and conditions that occur across the globe. According to our text book demand is influenced by a number of determinants; including taste and preferences, income, price of related goods, expectations and the number of buyers (Stone, 2007). When figuring in these factors regarding a product that has a relatively small market, the variables affecting the price maybe limited, however when it comes to the price of gasoline, since the market is worldwide the variables that affect demand are increased dramatically thus causing a significant fluctuation in the overall price of the product. In my area back in May we noticed a significant decrease in gas prices. In fact the Herald Tribune of Sarasota reports a price drop of 45 cents (Hielscher, 2012). Then if we go back in the news to investigate what was going on in the market during that time we can see that during the month of May oil prices dropped below $88 dollars which was a seven month low. According to a CNN Money source this was largely due to economic trouble in Spain as well as Greece, Portugal and Italy will spark a recession in Europe and possibly worldwide, thus crimping the demand for oil (Hargreaves, 2012). So we can see how the price was affected by a condition that occurred overseas. Economic troubles were…...

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