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January 30, 2009 at 12:40 pm
With EXXON posting a record 45.2 billion profit has no bearing on the price of gasoline at the pump. That is a problem with the gas station operators. The most unorganized price system is how gasoline is priced to the customer. First of all, there is no regulatory price rules for gasoline vendors. The only rules and laws govern only if gouging is suspected. Why is it that gas station operators are afraid to lower their price 20 or 25 cents per gallon below that of their competition.
Are they afraid of the oil company cutting off their supply? I doubt that.
Why is the same gasoline that was sold a couple of months ago as low as $1.49 a gallon already back to $1,89 a gallon. I would suggest that the oil companies are priming themselves for another mega billion profit for the coming year. Don’t ask the government to step in. They are afraid of the oil companies.