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. 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. Subject to the other terms and conditions of this Agreement, the price for Gas sold and purchased hereunder shall be as follows:
Gas Prices. As defined in “Gas Prices” in General Definitions, or otherwise agreed by IFC.
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:
(i) from the date of this Agreement to 31 December 2002: the levels stipulated in the Price Decree;
(ii) from 1 January 2003 to 31 December 2003: ninety per cent (90%) of the maximum permitted prices allowed pursuant to Regulatory Price Decree (such maximum permitted prices pursuant to the Regulatory Price Decree are herein referred to as the "Regulated Maximum Gas Prices"). Not later than 30 November 2002, the Ministry may, by notice to the Company, require that maximum price levels charged by the Company in 2003 to residential customers shall be lower than ninety per cent (90%) of the Regulated Maximum Gas Prices, provided that the Actual Gas Price does not exceed ninety per cent (90%) of the weighted average of the Regulated Maximum Gas Prices and provided further, that the adjusted gas prices for residential customers may in no event be lower in 2003 than the gas prices charged to residential customers in 2002, as increased by the average rate of inflation in the Slovak Republic for the year 2002. In such event, the Company shall adjust its prices for 2003 accordingly.
10.3.2 Notwithstanding Section 10.3.1, if the weighted average of gas prices that the Company is legally permitted to charge for natural gas price deliveries to all customer categories (the "Maximum Legally Permitted Gas Price") in the respective periods is lower than the Agreed Maximum Gas Prices, then the Slovak Party shall pay to each Investor, as compensation for the loss of revenue to the Company during such period, all dividends received by it from the Company, up to an amount equal to the Investor Proportion of forty nine per cent (49%) of the loss of profits by the Company after taxes (including withholding taxes) resulting from the difference between the Agreed Maximum Gas Prices and the Maximum Legally Permitted Gas Price multiplied by the volume unit sold to customers in the respective years.
10.3.3 If the Maximum Legally Permitted Gas Price in the respective periods is higher than the Agreed Maximum Gas Price, then each Investors shall pay to the Slovak Party, as compensation for the excess reve...
