Why The Price Of Filling Up Has Been Going Down - 1252 Words

Introduction: This article â€Å"Why the Price of Filling Up Has Been Going Down† written by Alan Neuhauser stated that back in 2012. The article analyse fighters with the Islamic State group have seized oil fields, huge swathes of territory and major cities in Iraq and Syria, threatening oil supplies. On normal situation, this is going to threaten markets as it is threaten the supply of oil. Despite of the global unrest the prices at the pump in US are currently at their lowest levels in the year of 2012. According to the article there are several reason which make the price of oil fall, but the main reason which is causing this is the less use of oil crude after the Labor Day. After the end of the so-called summer driving season, demand†¦show more content†¦One of the biggest reason the price of Oil didn’t change because after the end of the so-called summer driving season, which make the demand to drop and prices typically drop after Labor Day, because it is also mark the end of summer driving season. It will be easier if the demand and supply curve are used, to get further understanding. The position of the demand and supply curve will shift to the left or right following a change in an underlying determinant of the market. The number of oil people consume during this period decreased because after the change of the season, there will be less number of people willing to drive in winter. Complementary good, is a good s demand is increased when the price of another good is decreased. Conversely, the demand for a good is decreased when the price of another good is increased. As transportation and Oil are complementary goods the demand of oil will also fall, which lead to the fall in price. It mean that the demand shifted to the left. Refer to Figure 1. Simultaneous Decreases in Demand and Supply (Rittenberg, L, Tregarthen, T, 2012, figure 3.11) The figure show the event where the amount of demand and supply deceased simultaneously. When the both demand and supply move simultaneously like that the price of equilibrium can be higher, lower or stay the same. In this article the best way to describe the situation is panel ‘A’ where is both supply and demand curve are shifted to the left where it show theShow MoreRelatedTo Meat Or Not To Meat?. If You Picture The Stereotypical1408 Words   |  6 Pages(Hill). While there is a notable increase in the amount of meat consumed, it should also be noted that there has been a gradual shift in the diets of people throughout the world. 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