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A recent news story reported that opec is expected to decrease the supply of oil next summer. summer is traditionally a time of increased demand for oil because of the many families driving and flying to vacation sites. what would be the combined effect of these two events on the summer market for gasoline?

Respuesta :

MarkV
There are two aspects we have to take into account.

The first one is the decrease of the supply of oil from OPEC-counties. This increases the price of oil.

The second one is the increase of demand for oil (more people need oil, because they want to go on a holiday). This also increases the price of oil.

The combination of a decrease of supply and an increase of demand, will make the price increase.

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