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16 July, 21:19

A major hurricane shut down many coastal oil refineries, decreasing the supply of gasoline. Given the laws of supply and demand, how would you expect the price of gasoline to change?

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Answers (2)
  1. 16 July, 22:22
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    The laws of supply and demand say that when the supply decreases, the demand increases. So since the oil refineries were shut down, the amount of available gas decreased. Therefore, the price of gas will increase.
  2. 16 July, 23:14
    0
    It would increase quickly and at a large rate. So to say if it was 0.25¢ then it would most likely increase to about 2.50
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