Gas Prices. Figure 3 below shows historic monthly average prices for regular unleaded gasoline in the Miami metro area from January 2007 through April 2010. Phase 1B Opens (3 new 95 Express Bus Routes) Phase 1A Opens Figure 3: Historic Gas Prices in Miami-Dade County Source: American Automobile Association Figure 3 shows that gas prices were between $3.00 and $4.00 per gallon during much of the pre-deployment baseline period. However, by the time Phase 1A of the Express Lanes began in December 2008, prices had fallen to just below $2.00 per gallon. After December 2008, prices began to rise again but leveled off at just under $3.00 per gallon in April 2010.
Gas Prices. OLS regressions of gas prices, day dummy variables, and month dummy variables on the total number of entries into XXXXX stations reveal the effect of gas prices on ridership when day and month effects are held constant. According to regressions (1)- (4), increases in gas prices have a positive and significant effect on daily ridership. Furthermore, fuel costs are likely to have an extensive margin effect on public transit use; that is, rising fuel costs entice new riders to begin utilizing MARTA. Thus, the total number of people riding MARTA, as well as the total number of station entries, increases as fuel becomes unaffordable to the average consumer. Numerically, the regression results show that when gas prices increase by one percent, the number of total entries rises by 0.2821 percent. Or, as fuel costs rise by US$1, the daily number of total entries into all XXXXX stations swells by approximately 18,824. Table 3 details coefficients and t-statistics for each of the variables used in the regressions; certain variables were dropped to avoid perfect multicollinearity. Total entries ÷ þO + þ1gaserice (1) Log(total entries) = þO + þ1log (gaserice) (2) Log(total entries) = þO + þ1gaserice (3) Total entries = þO + þ1log (gaserice) (4) Considering that the standard deviation of total entries over the 27-month period is 48,936.75, the effect of gas prices on total entries is somewhat substantial, though not overwhelming proof that fuel costs greatly impact passengers’ decisions to ride MARTA rail. It is evident that fuel costs, at the very least, are related to MARTA rail ridership, but one could argue that gas prices are correlated to other factors that may affect ridership, and, therefore, omitted variable bias plagues the regression results. For example, federal policymakers may use income, another determinant of transit ridership, as a basis for setting tax levels on fuel, mitigating the effect of volatile world market prices for oil by stabilizing those costs on a local level. Rising and falling gas prices may also encourage MARTA policymakers to increase service levels, putting more trains and buses into circulation in anticipation of an influx in riders—efforts already shown to have a positive impact on ridership. In these scenarios, the regressions suffer from reverse causality, which, again, could bias their results. Nevertheless, gas prices are likely exogenous to this model, as they are largely determined on a global level, rather than by national o...
Gas Prices. 10.3.1 The Slovak Party and the Investors shall procure that the actual weighted average of gas prices charged by the Company to all customers (such weighted average is herein referred to as the "Actual Gas Price") will not exceed the following levels ("Agreed Maximum Gas Prices") during the following periods, and that the Agreed Maximum Gas Prices are not reduced below such levels:
Gas Prices. As defined in “Gas Prices” in General Definitions, or otherwise agreed by IFC.
Gas Prices. Subject to the other terms and conditions of this Agreement, the price for Gas sold and purchased hereunder shall be as follows:
