Blog Post 2.2 "Gas Price Increases"

 Gas prices have increased by almost $1.50 in a year. Since Putin's invasion of Ukraine, gas prices surged almost 80 cents. The increase of roughly 70 cents that occurred before Putin’s invasion is largely due to people coming out the house again for travel, work and school, and the surge in truckers crisscrossing the nation to move goods.


1. How has the Russian invasion of Ukraine impacted the price of oil?

Increases the price of oil.

2. How has the increase in demand for oil as part of the recovery from the pandemic impacted the price of oil?

The increase of roughly 70 cents that occurred before Mr. Putin’s invasion is largely due to people venturing out again for travel, work and school, and the surge in truckers crisscrossing the nation to move goods.

3. What countries could contribute to increasing the supply of oil produced? What would happen to the price if the supply increased?

Saudi Arabia, the United Arab Emirates, Iran or Venezuela

4. What does the article suggest would be the result of reducing the gas tax?

It would likely cause a surge in gas purchases and a loss of revenue for road repairs, as well as bring more profit for oil companies, which would likely raise gas prices a bit. 

5. What would be the benefits of taking this suggestion to give aid to lower income families?

offsetting higher costs and encouraging households to conserve energy so they can keep any leftover money

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