Hurricane katrina damaged a large portion of refining and, Ask an Expert

Economics

Hurricane Katrina damaged a large portion of refining and pipeline capacity when it swept through the Gulf coast states in August 2005. As a result of this, many gasoline distributors were not able to maintain normal deliveries. The effect was further compounded as some communities imposed price cielings for gasoline. At the price controlled price level , we would expect to see a surplus of gasoline. the quantity demanded equal to the quantity supplied. an increase in the demand for gasoline. a shortage of gasoline.

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91722265

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