It's simple supply and demand.
Not the balance thing economic people talk about, simpler.
I got it, and charge until demand drops. That's the price. Until I start pushing again.
If anything, ANYTHING, can be construed to have hurt delivery of supply, prices go up.
If supply gets high, prices don't freefall, they get "sticky". Pump prices will not reflect crude price changes.
Refineries "revamp", drilling stops, until the glut is fixed.
My personal experience is at the distribution to station level.
Around 2000, the rack to pump mark up was 5-10 cents.
Then gas went up 300% and the mark up went to 40+ cents.
With sticky prices, I have seen 85 cents.
Of course that was the locals screwing us.
Way up the line, ExxonMobil or Shell would never screw anyone.
