Why is gas a monopoly?

Updated: 10/23/2022
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13y ago

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Because the cost of switching infrastructure to another form of energy is more expensive than to begin drilling for oil in a new position.

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Q: Why is gas a monopoly?
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What is the purpose of a monopoly?

The purpose of a monopoly is to have control of the entire section of a part of the economy. If someone has a monopoly over a certain thing they are the only people who can provide that service or product so they will have the ability to make their prices really high. Ex. if one company owned all the gas stations in a 50 mile radius they could sky rocket their gas prices and people would still buy gas from them because they have nowhere else to buy gas.

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Jane has a monopoly in that area. Mary has a monopoly of banks.

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