a key reason that our gasoline prices elevated rapidly from

a key reason that our gasoline prices elevated rapidly from 2006 to 2008 was:

a. tight global supplies and high prices

b. the war in the middle East.

c. greed by oil exporting countries

d. inflation

Solution

From 2006 to 2008, gasoline price in United States has increased very rapidly.

In fact, price has increased from 90 cents per gallon in 1999 to around $4 per gallon in 2008.

This rapid increase was due to geopolitical tensions in middle east especially with Iran and also due to tight global supplies as OPEC members were not increasing production while non-OPEC members were not able to increase the supplies in substantial manners.

Thus, a key reason that our gasoline prices elevated rapidly from 2006 to 2008 was tight global supplies and high prices.

Hence, the correct answer is the option (a).