High Pump Prices: Oil Demand and Supply Factors

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(TCO2 Elasticity) Gasoline prices however are relatively in elastic, when prices change; there is fairly little change in the quantity demanded. This is why, when the world supply of petroleum changes, a large change in price is usually needed to bring supply and demand into balance...
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Tax on goods raises the price. When demand is inelastic the buyer bears the entire tax burden. A decrease in production of crude oil results in lower supply. Tax is increased due to a decrease in supply. As you can see in the graph below , when supply decreased, the slope, moved to the left increasing the prices...
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The Effects of Light Crude Oil Costs and Stock Prices on Five Class I Railroads I chose this study to determine if there was any significant effect on the relationship between the cost of (Brent) light, sweet crude oil, the largest type of oil in volume traded, and the stock prices of five Class I Railroad stocks operating in the United States...	7 / 1813