ECO 212 Week 2 LTA Supply and Demand and Price and Elasticity Paper

Apr 16th, 2015
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Supply and Demand and Price Elasticity Team B: NamesECO/212University of PhoenixSupply and Demand and Price Elasticity Our discussion will tackle the topic about gasoline, specifically, the supply and demand of gasoline and its different elasticity. Crude petroleum oil is refined in terms of quality and one of the products of the refining process applied is gasoline. A product such as gasoline is very volatile and it is composed of different chemicals such as ethanol that makes it combustible, which is why it is used as fuel for cars and machines. During the tail end of the 1800's, people started using gasoline to fuel the tractors they used to take care of their farms. Up until this time gasoline is still used to make our everyday lives possible. In the next part of our discussion, the details on the supply and demand of gasoline will be tackled, its everyday uses and how the behavior of these two elements affects the price and value of the product.Statistical InformationIn the United States, 51 percent of all of its households utilize the energy acquired from natural gas to keep themselves warm during cold days and any other use of heating. The consumption numbers of the United States roughly uses up 22 percent of the volume existing in the country. Based on the facts acquired from the US Energy Information Administration (EIA), the natural gas reserves present in the United States amounts to 245 trillion cubic feet (Tcf). The total natural gas res

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