A key reason that our gasoline prices elevated rapidly from 2006 to 2008 was: A) Tight global supplies and high prices B) War in the middle east C) Greed by oil-exporting countries D) Inflation

Economics Dec 10, 2020

A key reason that our gasoline prices elevated rapidly from 2006 to 2008 was:

A) Tight global supplies and high prices

B) War in the middle east

C) Greed by oil-exporting countries

D) Inflation. d inflation?

Expert Solution

Option A is correct.

This is so because of the tension in the middle east and the OPEC members not increasing the global supply of oil despite the high demand. Non-OPEC members were not able to increase the supply of oil substantially.

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