Gasoline prices vary significantly in the United States and around the world. Why?
What will be an ideal response?
Answer: An ideal response will:
1. Discuss the price of crude oil and levels of supply and demand. Within the United States, gas prices increase as distance from the source of crude oil increases. Regions that produce crude oil have lower gas prices than those that have to either transport crude oil across states or import oil internationally.
2. Discuss the fact that these differences are minimal in comparison to differences in gas prices between the United States and Europe. Note that European governments have imposed high taxes on fuel to encourage conservation and fuel-efficient technologies. Note that gas taxes in Europe are the equivalent of more than $4 per gallon, while they are less than 50 cents per gallon in the United States.
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