Implications: The law of supply and demand prevails. With growing demand—both domestically and abroad—the available supply can be expected to rise in price.
Tuesday, September 13, 2011
UPDATE: The Fuel Economy
A pair of stories in today’s Los Angeles Times explain why gas prices remain high in spite of various attempts to make them fall. First, Americans are spending more than ever on petroleum; U.S. motorists will spend $491 billion on gasoline this year (click here to see that story). But also, American oil companies are exporting more petroleum products than ever. (Click here to see that story.)