The results highlight that carbon taxes and emissions trading programs likely would generate substantial substitution within vehicle classes, and studies that ignore manufacturer discounting likely underestimate consumer demand for fuel economy.
If events shut down refineries or disrupt the supply of gasoline, the reduced supply will tend to cause prices to rise. InU.
Spurred by the negative effect of high oil prices on their economies, countries such as the U. Meanwhile, Canada went to work extracting from Alberta's oil sandsthe world's third-largest crude oil reserve. Click to enlarge If refinery or pipeline problems or reductions in imports cause unexpected declines in supply, gasoline stocks may drop rapidly.
Significant growth in demand in China, the Middle East, and Latin America, combined with market uncertainty in world supply, contributed to the run-up in oil prices and, in turn, to record-high gasoline prices in the United States.
Refining costs and profits Refining costs and profits vary seasonally and by region of the United States, partly because of the different gasoline formulations required to reduce air pollution in different parts of the country.
Around 35, road deaths per year could be avoided by the removal of global fuel subsidies.