- With regards to soaring gas prices, what are the exogenous factors influencing changes in the market (or relevant market)? (i.e., the non-price determinants of supply and demand)

"After several weeks of soaring gas prices, last week saw prices nationally slow down ahead of Memorial Day, but I'm afraid the good news ends there," said Patrick De Haan, head of petroleum analysis at GasBuddy. "While gasoline demand has been seasonally soft, the large decline in refining capacity over the last few years has meant that refiners are struggling to produce even lower amounts of refined products. This has led inventories to struggle to see any gains, boosting concern that they won't be able to catch up.

"Odds are rising that we'll eventually see the national average reach that dreaded $5 per gallon," said De Haan.