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How would an economist use supply-and-demand analysis to explain the increase in the price of gasoline in the US right after Hurricane Katrina?
Wiki User
∙ 11y ago
An economist (or anybody who really thought about it for a moment) would say that Katrina destroyed many fuel storage facilities and refining resources along the Gulf Coast. Additionally, transportation to get the fuel out of the area was also interrupted for quite a time.
This cause a transient but serious shortage of fuel ... the supply went down, so the price went up.
Wiki User
∙ 11y ago
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