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As supply of a good increases, the price of it should decrease. This basic model of economics, as other have pointed out, does not seem to apply to this situation. We have discussed in class how the price continues to increase because of the uncertainty of our future ability to import oil because a loss of that ability would be devastating, since our domestic production is small. I agree with MaryAnne in hoping that the longer the prices stay high, the more the public will realize that there needs to be a push for sustainable energy methods.
As others are, I am surprised that large increases in price over a short amount of time only resulted in a slight shift in approval rating. I would expect gas prices to have a bigger impact on voters' opinions because it is one commodity that the public can see increasing in price on giant signs every few street corners and as the article pointed out, it's "hard to miss as the numbers spin by on the pump" and gas is something most of us need to buy to get where we need to go. While we can cut back on how often we eat out or go to the movies, we still need the same amount of gas to get to work and just have to deal with the price increases. For this reason, I would have thought that gas prices would have a bigger impact on voting.
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Jan 31, 2012