Between 2000 and 2008, the price of oil increased from $30 per barrel to $140 per barrel, and the price of gasoline in the United States rose from about $1.50 per gallon to over $4.00 per gallon. Unlike in the 1970s when oil prices spiked, there were no long lines outside gas stations. Why?

Question

Business

Harper Wang

13 June, 11:22

Between 2000 and 2008, the price of oil increased from $30 per barrel to $140 per barrel, and the price of gasoline in the United States rose from about $1.50 per gallon to over $4.00 per gallon. Unlike in the 1970s when oil prices spiked, there were no long lines outside gas stations. Why?

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Answers (1)

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Natalie Cabrera · Answer 1

Because the gasoline market was mostly unregulated during the period 2000 and 2008.

Explanation:

In the 1970s the government imposed a price ceiling, which created long lines outside the gas stations. They did not do this in the period 2000 to 2008.