The high price of gasoline in the late-2000s was likely the result of
A)an increase in both the supply of and the demand for gasoline.
B)a decrease in both the supply of and the demand for gasoline.
C)an increase in the supply of gasoline along with a decrease in the demand for gasoline.
D)a decrease in the supply of gasoline along with an increase in the demand for gasoline.
E)no change in either the supply of or the demand for gasoline.

Question

Quizplus · Accepted Answer

The high price of gasoline in the late-2000s was due to a decrease in the supply of gasoline because of factors such as geopolitical tensions, limited refinery capacities, and production cuts by OPEC, along with an increase in the demand for gasoline due to factors such as increasing global demand and economic growth in developing countries. Therefore, the best choice is D, which states a decrease in the supply of gasoline along with an increase in the demand for gasoline.

The High Price of Gasoline in the Late-2000s Was Likely