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Question #3: What time of the year is as the cheapest? How does Supply and Demand play a role in prices being so low during this time?

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Question #3: What time of the year is as the cheapest? How does Supply and Demand play a role in prices being so low during this time?

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The first week of February is when gas is the cheapest. People do not have a high demand so the prices go down due to less consumers.

(https://www.convenience.org/Topics/Fuels/Changing-Seasons-Changing-Gas-Prices)

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Question #2 How have shortages/surpluses of this resource impacted the price of gasoline?

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Question #2 How have shortages/surpluses of this resource impacted the price of gasoline?

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Shortages and surpluses of oil impact the price of gasoline because if price for oil itself goes up then prices for transportation and production will rise as well, and in hand so will gas prices. If there is more oil than there needs to be then prices for production will decrease, and if there is less oil to make gasoline, prices for production will increase. (https://www.investopedia.com/articles/investing/100614/oil-price-analysis-impact-supply-demand.asp)

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Question #1: What is the main resource used to produce gasoline for our cars? Which countries are the biggest producers and which countries are the biggest consumers of this resource?

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Question #1: What is the main resource used to produce gasoline for our cars? Which countries are the biggest producers and which countries are the biggest consumers of this resource?

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The main resources are Gasoline are crude oil and other petroleum liquids. The main producers are the United States, Russia, and Iran. The main consumers are United States, Russia, and China.

(https://www.eia.gov/energyexplained/gasoline/)
(https://www.worldometers.info/gas/gas-production-by-country/)
(https://www.worldometers.info/gas/gas-consumption-by-country/)