Gasoline Prices: What Were the Oil Experts Thinking - Research Paper Example

Through this body, various people obtain information on various aspects ranging from the minimum pay wages for a specific field, the demand and supply factors in the labor market, influence of industry and company aspects to employee decisions among other factors. Being an independent body that deals with statistical factors provides it with a free and impartial approach to labor data statistics that benefit both public and private ventures within the country. As an organization, BLS works for the public under the instructions and command of the Department of Labor providing an objective yet timely accurate service of relevance to the various investors and institutions.

The nature of the BLS provides the unbiased approach to work. The organization provides information for the use by the public and depends on public information to conduct their research. These create a more unified approach to statistical interpretations that provide a picture that is free from bias on the market. The fact that the company held and controlled with the aim of protecting the labor force within the county makes it more focused towards helping the public and hence the need to create a policy framework that provides them with information valid for consumption.

The conclusion above is based on a number of factors. The collection of data that the company uses is done through sampling that provides equal opportunity for all members in a population to participate. This creates room for elimination of individual bias, which normally affects such data statistics institutions. The only aspects of bias that may arise include consistent sampling and frame bias aspects which have proved absent in the aspects of the BLS (Monsen & Horn, 2007, p.127). Looking at the graph above, one discovers numerous price changes that the gasoline product suffered in the 24