It is official – I have conclusive proof that oil companies are large greedy organizations that manipulate the laws of economic laws of supply and demand solely to wring every last cent from powerless folk like you and me.
(I know that above is not exactly earth-shattering news as I have written about this theme before…but just go with me on this.)
Last week (May 4 to be exact), the price for a barrel of oil stood at the extremely high level of $109.24. On that same day, the price for a gallon of regular gasoline at my local Exxon dealership was at $4.03.
The next day – May 5 – the price for a barrel of crude plummeted to below the C-note mark ($99.80 to be exact). I was not all surprised to see that the price at my local Exxon station remained at $4.03 for the rest of the week.
However, what made my jaw metaphorically drop to the ground was when I drove by my local Exxon station yesterday (May 10) morning to see the price still at $4.03, only to then see the price rise sixteen (there’s your number for the day) cents to $4.19 when I drove by in the evening.
The price for a barrel of oil on May 10 was $103.88 – nearly six dollars below where it was last week and yet the price jumps up sixteen cents.
Funny how when the price for oil goes up so do pump prices, but when the price on the trading floor for a barrel goes down, prices at the pump stay the same.
Yeah, these big international conglomerates need tax breaks like I need an extra hole in the head (or in my wallet whenever I go fill up now).