The Ukraine-Russia war has contributed to higher prices of crude oil, hence, crude oil is now priced at over $100 a barrel (Iancurci, 2022). Since crude oil is the main ingredient in the production of gasoline, the higher the crude oil prices, the higher the gasoline prices. However, having studied Price Elasticity in the second week of the class, explain to what degree have the prices of gasoline affected the consumption rate of gasoline and other commodities in the United States. Include at least two references (sources of ideas you include in the discussion). References must be in APA style. See the samples below.
The Ukraine-Russia war has contributed to higher prices of crude oil, hence, crude oil is now priced at over $100 a barrel (Iancurci, 2022). Since crude oil is the main ingredient in the production of
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