Question

Write a one page article summary relating to supply and demand. Must be a current event and article must be within the past two weeks. Attach a copy of article.

Answer 1

Price of gasoline is poised to increase as a program to allow countries to purchase oil from Iran is said to lapse. The supply of oil will decrease and the price of oil will increase as demand remains the same.

The summer season is approaching which would lead to higher gasoline prices over last year. According to Tom Kloza, global head of energy analysis at the Oil Price Information Service, “Last summer didn’t go above $3 a gallon as a national average, but this summer, if we don’t have Iranian oil we probably do go over $3,” he said.

World oil prices have risen about  $20 a barrel since the beginning of the year. Global fuel supplies is shrinking and gasoline blends are getting to be more expensive.

Already, the average price for a gallon of regular gasoline in the United States has risen 24 cents in the past month, to $2.84, according to the AAA motor club, and that price is 8 cents higher than a year ago.

U.S. to Clamp Down on Iranian Oil Sales, Risking Rise in Gasoline Prices

New York Times,

By Edward Wong and Clifford Krauss

• April 21, 2019