Asked by
Phyllis McCray
on Oct 13, 2024Verified
Which of the following could have caused the price of gasoline to reach nearly $6 per gallon in some parts of the South on Labor Day weekend,2007?
A) The greed of the sellers.
B) The temporary shutdown of offshore oil wells due to Hurricane Katrina.
C) The temporary shutdown of some of the oil refineries due to Hurricane Katrina.
D) All of these choices are correct.
Offshore Oil Wells
Drilling sites located in bodies of water, often at a considerable distance from the shore, that are used to extract oil from beneath the ocean floor.
Oil Refineries
Industrial processing plants where crude oil is processed and refined into more useful petroleum products, such as gasoline, diesel fuel, and jet fuel.
Hurricane Katrina
One of the deadliest hurricanes to hit the United States, causing widespread destruction along the Gulf coast, particularly in New Orleans, in August 2005.
- Evaluate the effects of worldwide occurrences and environmental catastrophes on the supply and demand in markets.
Verified Answer
AS
Learning Objectives
- Evaluate the effects of worldwide occurrences and environmental catastrophes on the supply and demand in markets.