Suppose that the price of gasoline is 4.07 dollars per gallon.?
a. Generate a formula that describes the cost, C of buying gas as a function of the number of gallons of gasoline, C purchased. C=______ b. What is the independent variable? ____The dependent variable? ____ c. Does your formula represent a function? ____ d. If it is a function, what is the domain? The range? The domain is (g or c)___ >____ ; the range is g or c)____ >____ .
How much would gas cost per gallon @ $1.23 per liter
There is nowhere in Canada that gas is the price you have quoted. I have a wee car and it does not cost that much to fill it either. Gas has a lot of tax incorporated into it by the government. Org. they justified it by saying it was for upkeep of federal/provincial roads...but if you have driven the roads lately you will know that there is no way all that money is going to upkeep...more like an MP's raise. :P
Why is gas so cheap, when it used to be 4-5 dollars a gallon? Is this a dangerous trend?
gas is cheap because oil is cheap. Oils prices have dropped because:Saudi Arabia increased oil production and thus lowering prices trying to gain a bigger market share before Iran comes back into the marketUS starting exporting oil and not importing oil thus also lowering the prices.China hasn't demanded as much oil as in recent past.All these factors created a "perfect storm" for the oil producing countries in which they can't cut back production to artificially raise prices without risking losing market share to other oil producing countries that are fine with the oil prices staying the way they are now (like US and Canada).
How about 10 dollars per gallon for gas?
With the peak of oil production already past, one thing is dead certain, gasoline WILL reach $10 a gallon. Probably in the not to distant future, hopefully. I mean, the internal combustion engine is ancient technology, we have newer technologies which work theoretically, like fuel cells etc. They just haven't had the time and resources to make them economically viable because gas is still so relatively cheap to extract from oil. But global warming is going to force every one of us to decide if we want a livable world or not and how much we are going to have to pay in order to have a livable world. As a climate scientist John Holdren(ph) of Harvard say's "There are only three ways to deal with climate change, mitigation, adaptation, or suffering. The more we do the first, the less we'll have to do the others."<1,2,3,4> An open question, what provides electrical power to the space shuttle and indeed heating and water to the astronauts in the space shuttle when in space? nuclear? solar panels? batteries? car engines running on gasoline turning generators? None of those, answer, hydrogen fuel cells.<4,5> Now, if a hydrogen fuel cell is safe, reliable, mature, trusted enough technology to help power manned space flight, surely enough it would be good enough for the humble automobile.
When are gas prices going to go below $2.00 per gallon?
It is impossible to determine when prices will drop below $2 as the price of gasoline is a complex determination. Crude oil cost is the main determinant of the price of gasoline. But even if crude super cheap, the crack (difference in price between gasoline and crude oil) has to be wide enough for the refineries to keep running. Cost of real estate, quality, distance from a refinery, cost of ethanol and other components like iso-octane factor into the price.The other issue will be what part of the country you live in. California has a different spec of gasoline called Carbob which is harder to make and is very expensive but burns cleaner. The price of gasoline in California may not be under $2 for a very long time.So for a rough rule of thumb, you probably want crude to be under $50, the crack around $13 before you see $2 at the pumps.
Why isn't it considered price gouging when gas companies raise prices during a natural disaster? The gas at local stations was made prior to the outage.
In 2008 fewer than 5 percent of U.S. gas stations were owned by oil companies. Exxon Mobil was one of many oil companies exiting the retail gasoline business, a market where profits have decreased and liabilities risen. Any retail businesses remaining are not company properties by choice but contractual obligations while chains are sold and retail operations privatized. Regardless of the sign posted above a service station, it is probably a former franchise and under independent ownership.During a natural disaster resupply is uncertain and stocks on-hand limited. The independent owner has the option to set his prices accordingly. In many cases the increase set by owner can be viewed as price gouging which is illegal.8/31/17 - The attorney general of Texas made a statement that his office was taking swift and aggressive action to prosecute price gouging, in the aftermath of Hurricane Harvey. Texas Governor Abbottt said. “If you price gouge anybody, you could be subject to penalties of up to $25,000 per incident”. if the victim is over 65 the fine is $250,000.00Electronic retailer Best Buy was quick to apologize for selling cases of bottled water for $42.00. Best Buy said in a statement it was “a big mistake” made by a few of its employees. it would take a lot of bottled water to pay off just one fine.The closure of refineries caused by hurricanes, storms and fires adds to the disruption of supplies and the natural response is the increased cost of goods nationwide.
Did gas hit $4 per gallon in the USA in 2011?
Yeah.But when?And for how long?Gas prices peaked in 2008 before crashing admidst the financial panic.(http://gasbuddy.com/gb_retail_pr...)The upward price trend is moderate and volatile.Personally, I believe it's dependent on lending activity. If credit creation ramps up once again and the money supply grows, demand for gasoline and other commodities will jump. Likewise, as long as theres no meltdown in the emerging markets, prices will continue to rise.The price of oil may need to increase by nearly 50% before we reach the same level it was at when gas last scraped $4/gallon:Perhaps there will be a breakout on the upside, as there was through 2007-08. Or not. There are many things that could happen between now and then.[Update 3/7]The upward trend still holds. There are still plenty of events that could happen that could arrest the trend. That includes the political stabilization of OPEC countries, resolution to the Libyan situation, aggressive rate hikes in China, a major US stock market crash, crashing Asian markets, failure to launch QE3, etc. etc.However, considering that every Western government in the world needs to keep rates near zero or suffer annihilation, there may be no real limit to oil priced in American paper. The instability in the Middle East also pumps the price of oil.The US has yet to return to its peak oil consumption of 2007, according to the CIA World Factbook (http://www.indexmundi.com/united...). This indicates that the US may be less reliant on oil to drive its economy than previously.$5 per gallon may seem paltry soon enough, and may be a fond memory some day, perhaps when we're all enjoying QE5 together in the near future.(Cross-posted at the request of Marc Bodnick from Did gas hit $4 per gallon in the USA in 2011?)
How much profit does a gas station make from a gallon of gas?
It really depends on whether the station is owned by the fuel supplier, whether you buy your fuel from a distributor, and/or whether you sell your fuel on consignment. The profit is determined first by the price at the rack (tank farm) all the way through to the station, and the rack price can jump up and down like a yo-yo. You can buy a load of fuel for one price today and be selling it for less than you paid for it tomorrow. Of course the opposite can be true. After that, you get into competitive pricing. Let me put it this way: If you are thinking about opening a station and making your money off of fuel alone, I wouldn't depend on the profit made on fuel. The real money is made on the inside (groceries, miscellaneous items, beer, soft drinks and cigarettes). Managing your inside inventory is critical. Almost everyone is doing it wrong. With a limited amount of space, every item on your shelves is a tiny little machine that can generate cash, or it can generate losses. Most convenience stores today have twice as much inventory as needed to meet customer demand. You have ten days to pay for it, so you need to plan to move everything between delivery cycles, because overstock can put you in the poorhouse, and suppliers will put everything in your store they have on the truck if you don;t watch them carefully. Food service is big these days, but even that's tricky. If you have a good cook, and something different, you can lose money, make a mediocre profit, or make a fortune, depending on your capabilities and your market. I have a customer that has one location near a chicken processing plant, and they sell all the pizzas they can display. You really need to do your due diligence on this. Making money in the convenience store business is not easy, but it can be enormously profitable if you do it right, especially when most of your competitors are doing it wrong. Join us at "Convenience Store Supply Chain Management"
When will gas hit 4.00....5.00.....6.00 lol?
Gas will continue to rise to historic highs as oil becomes more scarce, causing cost-push inflation in every sector of the economy, resulting in inflation and further erosion of the buying power of the Dollar. Oil itself is whats known in economics as an inelastic good, meaning that the rise in price will have little effect on your buying decision. Feeling the monetary crunch both directly, through the direct purchase of gas for transportation and heating, and indirectly, through cost-push inflation, Households will have less income to spend, hurting the lower class the most, and generally thinning the middle class. A decrease in spending - a result of less household income- can result in employers cutting jobs to reduce costs and stay competitive. The sooner we are able to kick oil to the curb, the better for all of us.