Gas prices fluctuate here all the time. But what I've seen countless times is gas prices rise because of "tensions in the Middle East," rise in oil prices, etc., but almost never see an in-kind reduction when tensions decrease or the price of oil drops. So what I see is a spike of 20 cents, followed by a reduction of 10 cents, spike of 15, reduction of 5, etc., usually with a new set point for "low" gas prices.
But the fact is they maintain their profit margin no matter what. What other business or industry does this? They're like a cartel.
The problem is both the industry and the government.
This. Exactly the same thing here - "Middle east tension" causes the price to jump 40 cents - 2 weeks later when the tension eases it drops maybe 15 cents, and they proclaim gas prices are coming down. Then 2 weeks later they jump another 20 cents, due to hurricanes or whatever they can find... then it drops 5 cents after "whatever it is" is over, and the price never again will reach anywhere NEAR what it was...
Its purely greed on the part of the Oil companies. They know that when they jack up the price, all they have to do is lower it 5% and people breathe a sigh of relief thinking "Well its coming back down" but it never really comes back down.
The fact they say this and show profits so outrageous proves the fact they are gouging.
The problem is 2 things - lack of competition, and governmental regulations.
Free market rules dont apply when there is no competition.
