When I fill up at the pump, the frugal side of me cringes at the idea of paying upwards of $50 to fill up my van. However, the business side of me realizes that it’s all about economics.
Collective Bias invited me to be a Cheap Gas Blog Machine in a #MurphyUSA educational campaign to help my readers get a better understanding of the economics behind the increase in gas prices. Many people point at the conflict in the Middle East and say “That’s why gas is so high.” But there’s a whole lot more to it.
I hold a major in Business Administration along with a Minor in Economics. I’m well aware of the fact that Economics is a dry subject. My goal for this project was to help put it into easy-to-understand language in a time frame that didn’t make you wish you were getting college credit for watching it. Ted Woodruff, Professor of Economics at St. Ambrose University (my Alma Mater) notched out a little time from his schedule to be interviewed for this project. I hope you’ll feel that it’s a few minutes well spent and that you walk away with a better understanding of how gas prices are determined.