Answer :
Final answer:
The price of gasoline is subject to variations due to factors such as changes in demand during summer and economic shifts affecting supply and crude oil demand, leading to complex pricing dynamics.
Explanation:
The price of gasoline frequently experiences fluctuations, which economists aim to understand by examining the determinants affecting both the sellers' and buyers' behaviors. A notable pattern observed over several decades is that gas prices are typically higher in June compared to January. The reasons behind this include increased driving during summer months, leading to higher demand. However, this does not fully explain significant price drops, which can be attributed to other factors like increases in supply and decreases in the demand for crude oil. Instances such as the decline from an average price of $3.16 per gallon in June 2020 to $2.42 per gallon by January 2021 demonstrate how complex the dynamics of gas pricing can be, influenced by a variety of economic forces.
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