Excuse me, I had an urge to prattle out some year 10 economics. I also felt the urge to italicise certain economic terms like my year 11 economics teacher did when he spoke:
The spike in the price of fuel over the weekend spurred comments on channel ten’s late news about how absurd it was that the price at the bowser was going to increase when the barrel price had dropped. Sure, the oil price may have experienced an acute depression however, in the greater scheme of things the price is still at an all time high.
Still should the consumer’s price increase over the weekend? The people doing the complaining are buying this good in a free market. According to the law of supply, the price of a good is proportional to the quantity demanded. Therefore, as the quantity demanded increases over the long weekend the price will also increase. If you don’t like it there are a few things you can do (the beauty of existing in a mixed-capitalist economic model); you could move to NZ where it is considered a social need and therefore not sold on the free market, you could work out a way to decrease demand so that the law of demand kicks in and knocks the price back, or according to Godwin’s Law of transport, you could ride a bike.