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This article is about the price elasticity of the gas. It states the fact that even though people are unhappy about the increasing prices, they can't change their habits of consuming the same gas supply which totally means that gas is inelastic in this case and in order for them to change their consumption patterns, there has to be an even greater increase in the gas price

With gasoline prices in the U.S. approaching an average $3 a gallon, Americans are moaning about the rising cost, but so far they are resisting big changes in their gas-guzzling ways.

This article is about the discovery of natural gas and oil in Africa. It focuses on the changing of landscape and unlocking Africa's potential gas and oil opportunities.

This article talks about how Russia has finally eased and clarified that the conflict in Ukraine won't affect oil supplies to the EU, which would completely destroy the Aggregate supply and skyrocket EU gas prices.

This article talks about how the drop in gas prices (as mentioned in my blog log) has led to an increase in car sales. The cars aren't necessarily inefficient though, people are buying cars like the Nissan Leaf (Plug-in hybrid) and mini SUV's.

This article talks about the conflict between both Politics and economics. As the price of oil in America has decreased, some believe that there is an opportunity to increase the "gas tax". In this article they believe that this tax generated from this increase could be beneficial to the economy and could help improve infrastructure and making investments.

This is an article from 2001, however the material is regarding petroleum prices which I find increasingly relevant, since this finite resource is used everyday and gas prices in the US have recently in this month started to decrease. This begging the question, why? Could it be that we might see a price control on the fluctuating prices of gas regardless of the fact that the supply is low and demand is high?

Prices for oil, an inelastic product, have decreased leading to a decrease in revenue for the producers, leading to concerns that this might have more widespread economic ramifications in the future.

A small but growing number of multimillion-dollar investors requested on a United Nations summit this week to take more aggressive steps towards preserving our planet. A main reason for this movement is carbon dioxide emissions that are produced by combustion of fossil fuels, such as oil, coal or natural gas. Furthermore, this is a direct cause for the rise in average global temperatures over the last 150 years. One of the most significant demands for the government was to invest more in the clean, renewable energy.

The closure of several nearby coal-fired power plants coupled with the booming natural gas drilling industry is creating a shortage of cinders that has forced many local public works crews to wonder if they'll soon have to find an alternative for treating winter roads. Due to the shortage on the market, the price of the products rises and thus the aggregate supply as well.

According to the federal government, weed is one of the most dangerous controlled substances on the market, especially after it was legalised in Colorado. Colorado's Proposition AA, passed two months before legalization, requires that recreational marijuana be subjected to a 15 percent excise tax, a levy imposed on goods such as gas, alcohol, and tobacco, in addition to a 10 percent state sales tax. During the first fiscal year the state pulled in just under $14 million in marijuana taxes, licenses, and fees according to the Colorado Department of Revenue. The money is going to build schools, support drug prevention and intervention programs, fund the state's Marijuana Enforcement Division. On the other hand, medical marijuana patients only pay a 2.9 percent tax on weed.

This article talks about the falling price of gasoline despite the fact that Middle East is in a chaotic sutiation. The author shows that the prices have fallen to their lowest level in Semtember in four years.The reason for that is because the demand has fallen dramatically after the end of summer driving season and the usage of smarter and environmental-friendly cars has increased over time. With the decrease in demand and increase in supply the prices are expected to fall until December.

This article discusses the relationship between gas prices and the crisis related to the Islamic State. Islamic State's major source of fund is from oilfields in middle east, and thus has great influence over the worldwide oil price.

Russia's economy is suffering from falling oil prices as oil revenue makes up about half of the state budget revenue, while the sanctions imposed by the West in response to Moscow's policy toward Ukraine have almost shut the global financial markets to Russian business. Since oil has the inelastic demands, the fall in price of it will proportionally change the quantity demanded, however if the Russian business decide that oil is not profitable business anymore, they might switch to its substitutes, or if the supply of oil significantly decreases during next few years because of the fall in price of it, the demand for oil might decrease as well and people will again consume its substitutes, such as wood or gas, in greater quantities. If low oil prices and Western sanctions persist for some time, Russia's economy and budget will have to optimize their spending, and concentrate only on profitable budgetary programs, which will not have only major consequences on Russia, but the Europe as well as Russia is one of the main oil suppliers.