Term Paper on "Gasoline Prices on the Rise"

Term Paper 4 pages (1105 words) Sources: 2

[EXCERPT] . . . .

Gasoline Prices on the Rise

The modern day society grows more and more dependent on gas and gas-based products. And despite the evolutions which have marked the research community, fact remains that alternative sources of fuel remain unsustainable at a large scale. The need to assess the price evolution of the gasoline is as such linked to the life quality of individuals across the globe.

At a more specific level, the demand for oil is known as being inelastic. This particularly means that a change in the demand or supply of oil -- be it as small a change as possible -- would generate a tremendous change in the price. For instance, it is possible for an increase in the demand for oil by 5 per cent to generate a 10 per cent -- or even higher -- increase in the price of oil.

The demand for a study focused on the historic evolution of gasoline prices is as such necessary in order to assess its potential impacts on the quality of human life. Additionally, such a study is even more so relevant and intriguing today, when the revolutions and civil wars in Egypt, Libya and other countries in the region impact the international price of oil.

2. Technical approach

The scope of the current study is that of assessing the evolution of gasoline prices. In order to attain this objective, the statistical method would be applied as follows:

Data would be collected from various sources

The information collected would be integrated in excel tables

The information collected would be used to create charts to explain the evolution of gasoline prices

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Data from other sources would be collected and used to explain the past evolution of the gasoline prices.

3. Results and conclusion

The Results and conclusion section is constructed onto four specific subsections, each detailing specific issues of the research conducted. These four subsections refer to the following:

The computer output

The charts

The P-value analysis

The study limitations

3.1. The computer output

The computer output is represented by the excel table annexed to the project. It represents information collected on the gasoline prices practiced within the United States starting with the 3rd of January 2011 and ending with the 21st of February 2011. The information is structured on the four categories of gasoline, namely all grades, midgrade, premium and regular. The data is also structured on the vast regions of the North American country. For purposes of computation simplicity, the data to be processed refers to the entire United States, without consideration to region. This compromise does not raise problems since trends and prices are similar across the entire country and no major differences are observable state wide.

In this order of ideas, the second component of the computer output is represented by the charts which are created to reveal the evolution of the gasoline prices across the United States from the 3rd of January 2011 through the 21st of February 2011. These charts are revealed below:

As it can be observed from the charts above, the prices of the gasoline sold across the United States within the first two months of 2011 have generally witnessed increases. These increases are mostly attributed to the conflicts in the Middle East and Africa, more than a domestic increase in demand. Nevertheless, in… READ MORE

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