Supply and Demand's Effect at the Pump

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A 5 page paper discussing the effect of the law of supply and demand on gas prices, as well as price elasticities. Gas is a rather inelastic product in that it is seen as a necessity and to date there are no ready substitutes for it, so it is not as directly affected by the effects of supply, demand and price. World oil prices continue to increase as China continues to industrialize; refinery problems in the US in 2007 further contribute to increasing prices at the pump. Includes 2 charts. Bibliography lists 4 sources.