Monday, October 25, 2010
China to raise retail prices of gasoline, diesel
The National Development and Reform Commission (NDRC), China's top economic planner, said that the retail prices of gasoline increase by 230 yuan ($34.5) and that of diesel by 220 yuan from Tuesday. After the change, the price of gasoline will be 7420 per ton and the price of diesel will be 6680 per ton. The Chinese government allows NDRC to adjust the price when the price of international crude oil changed over 4 percent in 22 straight working days.
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This article is relevant to our class because it involves the global economy. If China raised the price of retail gasoline and diesel then exported goods (a great deal of which to America) will become more expensive. This price raise will lower American's buying power forcing net exports to go down. This can be interpreted as both good and bad for America's economy.
ReplyDelete-Mitchell Kellman