$3.50 a gallon in the USA now
Whats that work out at. About 40p a litre?
$3.50 a gallon in the USA now
$3.50 a gallon in the USA now
Car companies are pushing diesel fuel cars, people feel they 'need one' because it's better mpg etc. You increase demand for a product and the price goes up - not rocket science!
i was gonna say that!when it runs.
we are always at the equilibrium, but the equlibrium moves as demand and supply changes. elasticity is very important in the fuel market, demand for petrol and diesel is almost perectly inelastic because you have to buy them no matter how much they cost, there is no real alternative. where ever you have inelastic demand with no real substitute you almost always have a tax, because they know you cant avoid the tax.Supply and Demand theory, learnt it in economics. Will be at the "equilibrium" point soon surely? I know its something to do with elasticity. God it was boring.
If you leave it to get to the empty mark where the orange light is on and you've got a range of about 30 miles it costs about £43 for the petrol to fill it completely to the top.
Do it all the time and pay by 'Visa' card.......hate stopping and getting petrol!