Jun 3, 2002
Gas prices shot up the week before Memorial Day and came back down on the Tuesday after Memorial Day. Just an ordinary holiday weekend when most of us are off work and driving somewhere. Selling that larger volume of gas at much higher prices let the oil companies make a quick killing.
Of course, oil execs explain gasoline price increases in terms of “supply and demand.” According to them, prices go up when supplies are too short to meet the demand.
If there had been a shortage, it would have taken place AFTER the weekend when the tanks were drained. Prices might then have risen due to a gasoline shortage – if it were true that prices relate to “supply and demand.”
In fact, what “supply and demand” actually means is oil companies and gas stations demand whatever price they can get away with and we’re supposed to supply it.