(1) Should retail prices respond immediately to events that impact production (e.g. a hurricane in the Gulf or risk of conflict in Middle East)?

(2) Why do retail prices go up (in response to rising wholesale prices) faster than they go down (in response to falling wholesale prices)?

(3) Would a "gas tax" holiday substantially reduce prices at the pump?

(4) How should policies that target gasoline prices - gasoline taxes and price gouging laws - be designed to improve the economic efficiency of the personal transportation sector in the United States? Be sure to state the criteria that you use to define economic efficiency and describe how different policies affect efficiency using these criteria.