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MBFE 657 DR. GEORGE REISMAN SYLLABUS SUPPLEMENT 4
MBFE 657 DR. GEORGE REISMAN SYLLABUS SUPPLEMENT 4

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... warehouses while people were waiting in long lines trying to get other things that were in short supply. The efficient allocation of scarce resources which have alternative uses is not just some abstract notion of economists. It determines how well or how badly millions of people live. Again, as in ...
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Gasoline and diesel usage and pricing



The usage and pricing of gasoline (or petrol) results from factors such as crude oil prices, processing and distribution costs, local demand, the strength of local currencies, local taxation, and the availability of local sources of gasoline (supply). Since fuels are traded worldwide, the trade prices are similar. The price paid by consumers largely reflects national pricing policy. Some regions, such as Europe and Japan, impose high taxes on gasoline (petrol); others, such as Saudi Arabia and Venezuela, subsidize the cost. Western countries have among the highest usage rates per person. The largest consumer is the United States, which used an average of 368 million US gallons (1.46 gigalitres) each day in 2011.
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