Gasoline Price Changes - Federal Trade Commission

APPENDIX A:
GLOSSARY OF TERMS AND ACRONYMS
Primary Sources: Energy Glossary of the U.S. Energy Information Administration (EIA), at http://www.eia.doe.gov/glossary/
glossary_main_page.htm, OPIS Energy Glossary, at http://www.opisnet.com/market/glossary.asp
Term Definition
American Petroleum Institute A trade association for the oil and natural gas industry.
(API)
Barrel A unit of measure of petroleum equivalent to 42 US gallons.
Barrels per Day (BPD) A unit of measure for extraction of crude oil or processing
capacity of a refinery.
California Air Resources A government agency established by California law to target
Board (CARB)
reductions in air pollution through research, air quality
monitoring, and vehicle emissions standard setting.
DOJ United States Department of Justice
Dealer Tank Wagon Sales Wholesale gasoline priced to include delivery to a retail outlet;
(DTW)
branded refiners charge DTW prices to gasoline retailers.
EIA United States Energy Information Administration
Elasticity of Demand The desire and ability of consumers to change the amount of a
product they will purchase when its price increases is known
as the price elasticity of that product. The price elasticity of
demand is the ratio of the percent change in the quantity
demanded to the percent change in price. That is, if a 10
percent price increase results in a 5 percent decrease in the
quantity demanded, the price elasticity of demand equals -0.5
(-5%/10%). Demand is defined as “inelastic” if this ratio is
between 0 and -1, and “elastic” if the ratio is less than -1.
EPA United States Environmental Protection Agency
FERC U.S. Federal Energy Regulatory Commission
FRS Financial Reporting System
Former Soviet Union (FSU) The Former Soviet Union includes the following countries:
Armenia, Azerbaijan, Belarus, Estonia, Georgia, Kazakhstan,
Kyrgyz Republic, Latvia, Lithuania, Moldova, Russia,
Tajikistan, Turkmenistan, Ukraine, and Uzbekistan.
FTC, Commission United States Federal Trade Commission
GAO United States Government Accountability Office