show your understanding of the principles of supply and demand by looking at the oil market today. Why does the price of gas fluctuate so greatly? What will happen as more and more people in China and...

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show your understanding of the principles of supply and demand by looking at the oil market today. Why does the price of gas fluctuate so greatly? What will happen as more and more people in China and India decide to buy automobiles? What would happen if most U.S. consumers decided to drive electric cars?
Answered 1 days AfterJan 14, 2021

Answer To: show your understanding of the principles of supply and demand by looking at the oil market today....

Shefali answered on Jan 15 2021
130 Votes
Running Head; BUSINESS COMMUNICATIONS    1
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Oil ma
rket has been affected by the pandemic very badly. People prefer to stay at home because of this outbreak, leading to less oil consumption. The gas price fluctuates because of the seasonal changes in demand. When the demand of gas increases, the price of gas also tends to increase (Wang & Sun, 2017). It is also linked with price of oil. When the price of oil increases, the price of gas also increases. They both move in the same direction. In 2020, the prices of gas have been on a roller coaster ride.
Once people start...
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