The price of gasoline was much higher in 2007 than in 2003 because

Question

Quizplus · Accepted Answer

Both the increase in demand from emerging industrial nations and the decrease in supply due to Hurricane Katrina contributed to the rise in gasoline prices in 2007. The increase in demand from China and India led to a global increase in demand for oil, which drove up the price of gasoline. Meanwhile, Hurricane Katrina caused significant damage to oil drilling and refining infrastructure in the Southern United States, which disrupted the supply of gasoline and further contributed to the increase in price.

The Price of Gasoline Was Much Higher in 2007 Than