If economics is supply and demand, wouldn’t it be useful for companies if they could pull demand out of a hat; if they could create new marketplaces out of thin air, instantly cashing in on the first-mover advantage. There they would stand, titans of industry, as the lone player in a market.

So naturally, when retail gasoline prices spiked 62.7% since December 29, 2008, amidst a severe recession, I wanted to know why. Put another way, average U.S. prices at the pump have increased more than a dollar per gallon. Intuitively, we know this isn’t a positive event for economic recovery. But some say the increase in gasoline demand, and thus the price, is an indicator of economic recovery.

In the “Surplus Wit” tab of the site navigation you will find a glossary meant to amuse AND educate. The following is a glossary tease. Check out the rest of it and please share with colleagues, friends, and family!

Nathan Arizona, Sr.: What are you after?

Leonard Smalls: I’ll give you an idea. As a pup, I myself fetched $30,000 on the black market.
And that was in 1954 dollars.