diesel fuel‚ gasoline‚ fruit‚ gold‚ and silver. Commodity markets also have time lags. The long-term effect on demand is usually higher than short-term effect; however‚ the difference in elasticity will be higher on the supply side of the market (Karlsson‚ 2008). In this paper‚ the discussion is about gasoline as the primary commodity‚ its shifts in supply‚ demand and how these shifts influence price‚ quantity‚ and market equilibrium. The paper will also determine whether gasoline is a necessary
Premium Petroleum Supply and demand
engine‚ where the gasoline must first vaporize so that combustion can occur. Gasoline contains hundreds of compounds‚ each having a boiling point that interferes with the others when mixed. The volatility of gasoline compositions is determined based on the properties of Reid vapor pressure and the distillation curve (57). 3.1.1 Reid Vapor Pressure The vapor pressure of gasoline is a fundamental physicochemical property to the level of emission of volatile compounds in the gasoline supply system and
Premium Risk Risk management Petroleum
Gasoline powered vehicles are better! No‚ hybrids are better! Have you heard these two points-of-view? This last election‚ the question of energy was a part of both party’s platforms. They talked about wind and solar versus coal and oil‚ and gasoline versus hybrid vehicles. So here we are‚ the election is over‚ but the battle between a gasoline powered vehicles versus a hybrid continues. You might know someone who owns a hybrid car. My uncle bought one in 2006 and for him it works great‚ but
Premium Internal combustion engine Electric vehicle
An electric car is powered by an electric motor instead of a gasoline engine. The electric motor gets energy from a controller‚ which regulates the amount of power transmitted throughout the vehicle‚ based on the driver’s use of an accelerator pedal. The electric motors give electric cars instant torque‚ creating a strong and smooth acceleration pattern. Electric cars are about three times more efficient than cars with an internal combustion engine. A pure-battery electric car uses energy stored
Premium Air pollution Pollution Smog
Price plays a very important role in gasoline among other things. Even though the price of gasoline is not at its all time high‚ it is still high to most people. However‚ I do not think it should be as high as it is when the income of the consumers is not going up with the price of it. The demand for gasoline drives the price of it up. In the future there is going to be a demand for the electronic cars‚ and the price of gasoline is surely going to drop. Theories of supply and demand had their
Premium Supply and demand Petroleum Automobile
examine the inelastic demand of gasoline‚ the elastic demand of clothing‚ and the purchases that I make in my life that are most elastic and inelastic. Gasoline would be considered a need and not a product that is just a want‚ this is what makes it inelastic. Regardless‚ the price of gasoline and the quantity demanded is always about the same (Gasoline‚ 2017). Usually when there is a price increase in gasoline it is to bring supply and demand into balance (Gasoline‚ 2017). One of the main reasons
Premium Supply and demand Price elasticity of demand Elasticity
Transportation is a large concern in today’s modern world. Most individuals have opted to buy vehicles for their personal use. Most of these vehicles consume gasoline and a smaller proportion is hybrid based. These two types of vehicles have many similarities. The two such vehicles require an energy source and both types of vehicles provide an important function to society. That function is to provide people with a reliable form of transportation. Although these two types of vehicles have many
Premium Internal combustion engine Electric vehicle Automobile
we‚ as students of accounting‚ think to be appropriate for addressing the issues presented by cases of this general type. We offer our views on this subject out of concern about the allocation of indirect costs used in assessing the appropriate gasoline cost value in State of Florida v. BuyGasCo Corporation‚ 2003-05143 (D. FL. 2003). We regard the allocation system employed in that opinion to be inconsistent with systems in common practice. Use of that system has a potential adverse effect on both
Premium Cost Costs Cost accounting
for our environment? An electric vehicle is a vehicle that runs on renewable resources instead of gasoline. In the early 1800’s‚ innovators in the United States‚ Netherlands‚ and Hungary began to experiment with the concept of a battery powered vehicle and created some of the first small-scale electric cars. Electric cars grew popular in the 1900’s because it didn’t have any issues with gasoline‚ it didn’t produce any smelly pollutants‚ and it was easy to drive. Yes‚ electric vehicles are good
Premium Battery electric vehicle Automobile Internal combustion engine
Everyone’s Gasoline Problem The price of gasoline is definitely driven by the concept of supply and demand. When prices fall‚ quantity demand will rise‚ when price rises‚ quantity demanded will fall. This statement is true in most cases. But gasoline is a necessity to most Americans. The demand for fuel does not decrease when the price increase. Consumers often influence the price of gasoline. Gas prices in the late spring and summer months are the highest during the entire year. These are
Premium Supply and demand