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Gas Prices
Current event study about the fluctuation in gas prices
| Question | Answer |
|---|---|
| What is the biggest factor in gas prices? | The price of oil. |
| What happens when oil prices rise? | Gas prices rise. |
| What happens when oil prices fall? | Gas prices fall. |
| How do sellers of commodities (like oil and gas) price their products? | Replacement cost. |
| What are important factors causing a change in oil prices? | Geopolitics; Value of the dollar; Extreme weather; or Chinese demand |
| How is crude oil delivered from pumping stations to gas refineries? | Pipeline. |
| What is the typical profit for a gas station owner for each gallon of gas sold? | 2 or 3 cents. |
| How do gas station owners make their most profit? | Sales of items inside the store. |