Gasoline+and+Dollars++Supply+and+Demand+by+Siao+En

//**REMEMBER: DO NOT SUMMARIZE THE ARTICLE!!!**//

=TITLE OF EXTRACT:= Gasoline and Dollars: Supply and Demand

=SOURCE:= http://www.americanthinker.com/2011/04/gasoline_and_dollars_supply_an.html

=DATE EXTRACT WAS WRITTEN:= April 23, 2011

=DATE CURRENT EVENT WAS WRITTEN:= April 23, 2011

=EXPLANATION OF THE ECONOMIC THEORY RELATED TO THE ARTICLE:= Law of supply and demand, which is when a product is in short of supply, the price for each unit demanded will increase.

=VOCABULARY TERMS AND DEFINITIONS:=
 * Supply: relates to producers who produce goods and services for consumers.
 * Demand: relates to consumers who buy goods and services from producers.
 * Law of Demand: quantity demanded decreases as price increases.
 * Law of Supply: quantity supplied increases as price increases.

=DIAGRAMS:=

=EVALUATION:= In the article the gasoline supply and demand market does not follow either the law of demand nor the law of supply. The law of demand and supply states that when a product is in short of supply, the price for each unit of product demanded will increase. However, right now the supply for gasoline remains the same, but the price of gasoline is increasing due to outside factors. In this case, it would be the policy of the Obama administration and the Democrats Congress combined with the policy of the Federal Reserve. The price of gasoline has raised constantly without the change of demand supply, thus this is a problem in the world now.