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Fluctuations in gasoline prices

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What are the reporting reasons on why gasoline prices have been fluctuating and trending upward for the past 12 months.

What are the ground reasons? Where are the online sources that can provide concrete evidence?

I am unable to use the Wikipedia as a source only b/c that source can be edited by students and might not have correct information. In addition sources with political agendas might not work.

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Solution Summary

Fluctuations in gasoline prices are discussed in the solution.

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The following link is an excellent source for this answer:

http://www.ftc.gov/reports/gasprices05/050705gaspricesrpt.pdf.

I am summarizing the information obtained from the above mentioned source below:

First, in general, the price of a commodity, such as gasoline, reflects producers' costs and consumers' willingness to pay. Gasoline prices rise if it costs more to produce and supply gasoline, or if people wish to buy more gasoline at the current price - that is, when demand is greater than supply.

Second, how consumers ...

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Sandeep Bardia, MBA
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  • BCom, SGTB Khalsa College, University of Delhi
  • MBA, Rochester Institute of Technology
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