Microeconomics Issues of Rising Oil and Gas Prices: Analysis of Two Articles

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Introduction In this text, I concern myself with the contents of two articles based on recent microeconomics issues. During the last two months, the price of gas in the U.S. has been on an upward trend. Taking into consideration recent happenings on the international scene, this trend could have been triggered by many different factors. The articles I make use of in this case discuss the rising oil and gas prices. Discussion While the first article I concern myself with predicts an increase in gas prices, the second article confirms an increase in the price of oil. From the onset, the first article, titled Increased Gas Prices? Don't Blame Unrest in Egypt, points out to readers that they could soon find themselves digging deeper into their pockets for a gallon of gas. However, even though it acknowledges that the unrest in Egypt could be to blame for the increase in gas price, it warns against apportioning all the blame to the said unrest. The second article, titled Market Watch: Oil Prices Rise on US Economic Outlook, confirms an increase in the price of oil most particularly in the London and New York markets. According to Domm (2013), the author of the first article, apart from the unrest in Egypt, several other factors such as a plunge in the inventories of domestic crude oil could drive up demand and in the end trigger an increase in the price of gas. In the opinion of the author, although the problems facing Egypt (and Libya) have affected supply

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