Rockets, Feathers and Gasoline Prices

Gasoline prices rise faster than they fall because monopolistic competition provides retailers with some price control although their product is identical.

High and Low Gas Prices

Why is the average price of a gallon of regular gasoline in Wyoming close to $3.36 and New York, $4.00? Location and regulation. Wyoming produces oil, it refines it, and, its taxes are among the lowest in the country. Also…

The Power of the Market: Part 2

World oil demand has hit a new high. But not from everyone. Called the “New World” and “Old World” by economist Ed Yardeni, you can see through his graphs, the divide in world oil demand. China, India, Brazil and other…

An Oil Surprise

As the turmoil in the Middle East unfolds, if you want to sound knowledgeable about oil, you could just say $147, contango and floating storage. As you can see on this graph, it was mid-July, 2008, when the price of…