The Headline I read touted that gas prices rose 2 cents over the weekend, but I can tell you that’s not true. Gas prices didn’t rise over a span of three days – they rose in a matter of minutes. And it wasn’t two cents; it was ten!
Somewhere between 3:10 p.m. and 3:30 p.m. on Saturday afternoon, the price of gas rose ten cents at a local convenience store and within an hour, every gas outlet within 20 miles of my computer followed suit.
At the same time as the news outlets were reporting that gasoline supplies in the U.S. were rising, an event the laws of supply and demand say should trigger a price reduction, every gas station in the country was increasing their prices. So much for the fundamentals of economics!
Call me jaded, but I think gas suppliers are gouging.
Tensions rise in the Middle East; gas prices go up ten cents.
Tensions abate in the Middle East; gas prices go down five cents.
Fire breaks out at a domestic oil refinery; gas prices go up ten cents.
Firemen extinguish the blaze; gas prices go down five cents.
And then, at the end of each fiscal quarter, Exxon posts record profits.
