Cost of Gas Rises 18 Cents in the Past Two Weeks – Article Example
The paper "Cost of Gas Rises 18 Cents in the Past Two Weeks" is a great example of a business article review.
In recent times, business has been fluctuating. This can be attributed to several factors, among them, are the changing prices of raw materials and the general economic turmoil in most parts of the world. The change in business has adversely affected the consumers as the prices of commodities have gone up by a huge margin. This paper will look at a business article with a focus on the gasoline price in these recent economic times.
Summary of the Article
The normal gasoline price in America leaped by eighteen cents a gallon in the last fortnight because of the increasing crude oil prices and associated worry about the Middle East tensions. Nevertheless, there are many sources who can supply fuel in the country; this is according to the Countrywide Lundberg Survey. A survey conducted by the countrywide survey of gas stations in the continental U.S. indicated that the nationwide standard price for a gallon of regular gas increased to $3.69 on 24th February (Pierson 1).
According to the editor of the survey, Trilby Lundberg, the concern is mainly surrounding the Iran nuclear program and the likelihood that it will prevent distribution in the Strait of Hormuz if the country’s nuclear hubs are invaded by Israel (Pierson 1). If these Middle East tensions continue to persist, the prices of gasoline will continue to rise. Whatever the case may be, the cost of gas in the U.S is expected to increase by some cents per gallon because the previous increase in crude oil prices had not reached the gas stations.
The increase in gasoline prices is viewed by most people as price gouging. Oil suppliers use the Middle East tensions as an excuse to increase the prices. Many gasoline dealers stockpile gasoline in anticipation of the tensions affecting the supply of fuel. As costs increases, people are forced to restrict their gasoline use. The government should establish measures to curb the rising cost of fuel despite the concerns in the Middle East. This will promote a favorable business environment for both producers and consumers.