Preview

Average Annual Price of Gasoline from 1990 to 2010 Adjusted for Inflation

Good Essays
Open Document
Open Document
1270 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
Average Annual Price of Gasoline from 1990 to 2010 Adjusted for Inflation
Statistics Project
Average Annual Price of Gasoline from 1990 to 2010 Adjusted For Inflation

Purpose: To analyze the price fluctuations of gasoline over a period of time between 1990 and 2010 using the annual average across all regions and gasoline grades and adjusted to today’s dollar.

Procedure: Historic gasoline prices are maintained by the Department of Energy on a weekly basis dating back between 16 and 21 years depending on the grade of gasoline and region of the United States where the price data was collected. There are 1,043 weekly data points between August 20, 1990 and September 27, 2010. This large number of data points makes it difficult to display the information usefully so I averaged the price of gasoline into yearly points reducing the number to 21 (Table A, provided for comparison of the raw unadjusted data only). I adjusted the data points for inflation to match the value of a U.S. Dollar in 2010 (Table B).

Data Collection: The Department of Energy publicizes the gasoline price data on their website at http://www.eia.doe.gov/petroleum/data_publications/wrgp/mogas_history.html. On the bottom of the web page is a link to an excel spreadsheet with a file name of pswrgvall.xls. The worksheet used was number 3 titled Data 3: Regular All Areas All Formulations. The Bureau of Labor Statistics maintains an inflation calculator that adjusts a given price to the selected year using the Consumer Price Index. For expediency After averaging the gasoline price data for the year I input it into the calculator to adjust for inflation. The online calculator can be found at http://www.bls.gov/data/inflation_calculator.htm.

Raw Data: Yearly Average Raw Data: Yearly Average Price
Price of Gasoline For All of Gasoline For All Grades
Continue Reading
View Writing Issues

You May Also Find These Documents Helpful

  • Better Essays

    Econ 545 Quiz 1
    • 1574 Words
    • 7 Pages

    Econ 545 Quiz 1

    The problem with this formula is not all of these components contribute equally. So let’s take a look at each of these components and what economic impacts have on that mentioned gallon of gas .Crude oil is 69% of the cost and those cost exist of finding it, getting it out of the ground, and transporting it to the refinery. Refining the crude oil cost another 6%. Selling the gasoline is 10% and state and federal taxes are another 15%.…

    • 1574 Words
    • 7 Pages
    Better Essays
    Read More
  • Satisfactory Essays

    Gm 545 Project 1
    • 382 Words
    • 2 Pages

    Gm 545 Project 1

    Gas prices fluctuate due to oil prices and the anticipated supply and demand worldwide. Whenever there is political unrest in a major oil producing country you will see an increase in gas prices due to the demand of oil potentially produced decreasing. Very rarely do gas prices follow the general supply and demand because if they did gas prices would be lower currently. In my hometown of Augusta, GA gas prices are always below the national average and with us bordering South Carolina many Augustans travel the short distance to pay lower prices in South Carolina which are usually $0.10-$0.15 cheaper. Much as the rest of the world goes whenever there is a threat to the supply of oil, regardless of having a surplus currently, the gas prices in this area see a $0.10-$0.20 increase sometimes within a 30 minute period.…

    • 382 Words
    • 2 Pages
    Satisfactory Essays
    Read More
  • Good Essays

    Gm 545 Project Paper 1 Essay Example
    • 740 Words
    • 3 Pages

    Gm 545 Project Paper 1 Essay Example

    the Department of Energy ("How much gasoline," 2012). Of that, almost half is used for motor gasoline. The remaining is used for distillate fuel oil, jet fuel, residual fuel and other oils. Each barrel of oil contains 42 gallons (159 L), which yields 19 to 20 gallons (75 L) of gasoline. ("How much gasoline," 2012). So, in the United States, something like 178 million gallons of gasoline is consumed every day. The fluctuations of gasoline prices are a classic economic example of supply and demand in the market. If the demand for corn or oil increases or if a decrease in supply occurs, this then causes an increase in gasoline prices. On the other hand, if demand for corn or oil decreases there will be an oversupply of products and the prices will decrease. The seasons and US holidays may also have an impact on the price of gasoline at the pump. Americans travel more during the summer and over the holidays, and the price of fuel increases during these times to meet the demand and maintain the market equilibrium.…

    • 740 Words
    • 3 Pages
    Good Essays
    Read More
  • Powerful Essays

    Economics 545: Microeconomics Course Project
    • 3391 Words
    • 14 Pages

    Economics 545: Microeconomics Course Project

    Last night about 7pm, I went to fill up on gas at the closest gas station by my home in Merrillville, Indiana. The Speedway gas station had gas for $3.49 a gallon for regular unleaded gas. Midgrade gas was $3.69 a gallon, Premium was $3.89 a gallon, and Diesel was $3.89 a gallon. I always try to fill up before the work week, as I do not want to get stuck in Chicago, Illinois where I work, and have to fill up on gas. Gas prices are dramatically different in my 40 mile radius. Today, gas prices in Chicago off my exit for work are $3.99 a gallon for unleaded gas at the Marathon gas station…

    • 3391 Words
    • 14 Pages
    Powerful Essays
    Read More
  • Satisfactory Essays

    Course Project - Part 1
    • 637 Words
    • 3 Pages

    Course Project - Part 1

    Exercise #1: Everyone’s Gasoline Problem. We are familiar with fluctuating prices of gasoline at the pump. Why does this happen? Research the recent history of gasoline pricing in your area, and attempt to relate any fluctuations you observe to documented supply and demand factors outline in our book. Be sure to cite any references used.…

    • 637 Words
    • 3 Pages
    Satisfactory Essays
    Read More
  • Satisfactory Essays

    Mm207 Unit 2
    • 520 Words
    • 3 Pages

    Mm207 Unit 2

    With the 1975 price as the reference value, the gasoline price index for 1998 is 195.1…

    • 520 Words
    • 3 Pages
    Satisfactory Essays
    Read More
  • Satisfactory Essays

    unit 4 graded assignment mm255
    • 1155 Words
    • 4 Pages

    unit 4 graded assignment mm255

    These first few questions will require you to use the internet to search for the national average price for gas. Remember to use a scholarly site for information.…

    • 1155 Words
    • 4 Pages
    Satisfactory Essays
    Read More
  • Satisfactory Essays

    Final Exam Study Guide
    • 812 Words
    • 4 Pages

    Final Exam Study Guide

    1. In 1995, the cost of unleaded gasoline was $0.95 per gallon. In 2010, the same type of gasoline costs $3.00 per gallon. To determine the amount of change, we have to use the…

    • 812 Words
    • 4 Pages
    Satisfactory Essays
    Read More
  • Powerful Essays

    Marketing Audit Lite N' Easy
    • 10624 Words
    • 43 Pages

    Marketing Audit Lite N' Easy

    The audit is a comprehensive analyse of the marketing strategy of Lite n’ Easy. The purpose of this…

    • 10624 Words
    • 43 Pages
    Powerful Essays
    Read More
  • Good Essays

    econ 545
    • 1206 Words
    • 5 Pages

    econ 545

    But in the news, you continue to hear of crude oil shortages. Big Oil Companies reported huge profits on high gasoline prices continuously for the past 4 months. The Big Five oil companies made $36 billion in profits in the second quarter of 2011. Consumers are now looking for alternative solutions in transportation because of the unsavory price fluctuation of gasoline prices while oil companies post major profits. Another factor affecting the price of gasoline is the price of the crude oil the raw material that the gas is produced from. On the marketplace many factors can affect the price of the crude oil and the gasoline that…

    • 1206 Words
    • 5 Pages
    Good Essays
    Read More
  • Satisfactory Essays

    What Was The Rate Of Inflation Over This Year
    • 439 Words
    • 2 Pages

    What Was The Rate Of Inflation Over This Year

    3. Go to the Bureau of Labor Statistics CPI Inflation Calculator using the following link:…

    • 439 Words
    • 2 Pages
    Satisfactory Essays
    Read More
  • Satisfactory Essays

    Gas Gouging
    • 328 Words
    • 2 Pages

    Gas Gouging

    Everyday when we drive down the highway, we see changes in advertised prices. One gas station may advertise gasoline at $2.69 per gallon and the consumer goes three miles down the road where another gas station advertises gas at $2.35 per gallon. Consumers will then make an extra effort to travel to the gas station with the cheaper price.…

    • 328 Words
    • 2 Pages
    Satisfactory Essays
    Read More
  • Better Essays

    National Average of Gas Prices 2000-2001
    • 1005 Words
    • 4 Pages

    National Average of Gas Prices 2000-2001

    In the beginning of the summer, when most people drive to vacation spots throughout the United States, gas prices reached record highs. In June 2000, the national average was $1.68 per gallon and in some larger cities; the prices soared to $2.00 and more per gallon (Facts.com, 2005). Americans were furious not only because consumers were paying more at the pumps, but because rising fuel costs have triggered inflation. Americans realized that if inflation began to rise, a recession could be triggered as had occurred in the 1970's and 1980's (Facts.com, 2005).…

    • 1005 Words
    • 4 Pages
    Better Essays
    Read More
  • Good Essays

    Why Are Gas Prices So High
    • 753 Words
    • 4 Pages

    Why Are Gas Prices So High

    Every consumer is looking to his or her wallet and bank accounts and wondering where all of their hard-earned money is going. The answer is plain and simple – Gas! Gas prices have slowly begun to hurt families financially; including my own. Families are taking drastic measures to make ends meet to ensure their automobile is topped-off each week. For the past several years, the Nation's economy has seen a steady incline in gasoline prices. This essay will examine the factors that play a significant role contributing to the increasing prices.…

    • 753 Words
    • 4 Pages
    Good Essays
    Read More
  • Good Essays

    How Gasoline Prices Work
    • 3979 Words
    • 16 Pages

    How Gasoline Prices Work

    High gas prices can make you stop and think about your commute. See hybrid car pictures to see models that save you money.In May 2008, average gas prices in the United States approached, and in some places passed, $4.00 a gallon, shattering records. But this was nothing new to American consumers. May was a month of records that broke one after another, and that came on the heels of months of rising prices. And then the cycle continued, with prices eventually falling and then inching toward the $4.00 mark again in 2011.…

    • 3979 Words
    • 16 Pages
    Good Essays
    Read More

Related Topics