Content/Language Goal: I will be able to write to identify factors that impact the price of gas.
SS.07.731.06- Demonstrate how supply and demand determine equilibrium price and quantity. (CAS: 7.3.1.f)
Have you ever noticed how much it costs to fill a car with gas? The price of a gallon of gas changes every day. In fact, two gas stations less than a mile apart might charge different prices. Why? In the last few years the price of gas has risen. Why? In order to answer the questions raised by this lesson, you will work as a detective. You will investigate where a lot of the money that people spend on gas goes. You will determine whether or not it is appropriate to blame the nations that produce the oil that is used to make gas for the high cost of gas.
1. The President of the United States needs your help. He has asked you to investigate and find answers to several important questions. The letter and questions are included in the Letter From the President worksheet that you can print, read and fill out. Fortunately, your assistant has already identified several Web sites that might help you in the research required to answer these questions. Your assistant has written you this memo identifying sources where you can find information to answer each question.
2. Below is the memo from your assistant.
From: Detective's assistant
RE: Research Assistance
I have identified sources where you can find the necessary information to answer each question:
Question 1: OPEC: About Us and The History of OPEC
Question 2: OPEC: About Us and The History of OPEC
Question 3: OPEC Revenues Factsheet, OPEC Basket Price Graph and Historical Prices for a barrel of gas.
Question 4: A Primer on Gasoline Prices and What goes into gas prices?
Question 5: OPEC Says It Has Lost Control of Oil Prices, How much do they profit, Who gets what from oil? and Cost of gasoline chart.
Here are additional articles that can help your research:
World oil demand
Why high prices haven't cut demand
Gas tax rates by state
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