Gasoline prices have and will continue to be a major topic in the economy, were front-page news in Texas following Hurricane Harvey in August & September 2017, and again are making news during the COVID-19 pandemic.

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-What has happened to the price of gasoline over the past 12 months?

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-Discuss the recent changes in price from a supply and demand standpoint, and describe what most likely happened on the supply and demand graph for the gasoline market.

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-Was the hurricane actually responsible for a gasoline shortage and the increase in gas prices in Texas in 2017, and were the price increases due to shifting demand, shifting supply, or both?

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-How has COVID-19 affected the market for gasoline?Which of the main influences of supply and demand do you think were responsible for the price changes?