GAS PRICES-CONTINUED

Sgt Fluffy said...

Have you EVER read the laws of Supply and Demand?

As a matter of fact I did, when I took Economics in high school. Supposedly, when supplies are high, the price is supposed to come down, and when the supply is low, the price goes up and that affects demand. When the price goes up, demand declines. When the price comes down, the demand increases.

But that doesn't seem to apply in the real world, because when oil was selling for $74 a barrel on the market, the price at the pump was around $3.50 a gal. When I last saw the price today, it was selling at barely $60 a barrel, so the price at the pump should be significantly lower. But, all the oil companies are posting their quarter earnings at Wall Street, showing alot of profits for the last quarter. Gee I wonder why? That might make their stock holders very happy, but the general population I'm sure isn't thrilled.