Summary
In the week ended October 3, American motorists pumped as average of 8.625 million barrels per day, but it reduced 5 percent from the past week. The price of Gasoline down 12 cents at 3.71 per gallon as demand slowed. Because high gasoline prices have been pressuring gasoline demand in the U.S. during the past year. But are still 33.4 percent higher than they were at this time last year. Economic slowdown seems to effect on demand slowed. The four-week average of gasoline consumption amounted to 8.921 million bpd, down 6.2 percent from a year ago.
Connection
In Chapter 11, we leaned about inventory. Connection between this article and chapter 11 is "how the demand effects on price". As the exercise we did, we learned that if the price goes up, then the selling will reduce. This article says that high prices of gasoline pressured consumers, and because of economic slowdown, demand decreases. And finally Oil prices are going down.
Reflection
This article gives me some idea of demands and prices. If i increase the price of something to make profit, i'll make more money than before at first but as the day progress, demands will decrease which means number of consumers will decrease, and finally i'll see increase of the deficit. Finding reasonable price is more important thing than increaseing price to make profit.
That's the thing that i learned from this article.
