Originally posted by 96RedSE5Sp: Gas prices are up today becuase of price gouging - plain and simple. My local gas station bumped up gas by about 60 cents today alone, dramatically incresing the profit on gasoline THAT THEY PURCHASED A WEEK AGO. Has anyone ever heard of a gas station dramtically LOWERING the prices on their pumps becuase of good news??? Me either.
And if you check, oil company profits are at an all time high.
IIRC gas prices are set by the market primarily based upon futures, not actual purchase price of the product. In general the way most gas stations set prices is actually limited by the supplier, by contract. The supplier sets both the purchase price of the fuel sold from the supplier as well as a price range that the seller can offer his product for. I've talked to two station owners, friends of the family, and both told me this was how it worked. Granted I'd imagine not all suppliers work this way, but most you've heard of do.
EDIT: When I fueled up my SE-R yesterday, 16 gallons cost me about 46 and change. I know I'll break 50 next time around...ugh. My wife drives a Chevy Venture, 26 gallon tank, usually takes 20 gallons at fill up, at 3.00 that's about 60, 4.00 it'd be 80.00. Man, that would suck. We've actually talked about how increasing energy prices are starting to affect our lifestyle choices at this point, and how we've got to be more strategic about conservation via combining errands together and whatnot to not burn up as much fuel. Me, I drive 15 miles daily to/from a train station and then it's an hour's train ride into Philly for me. If prices keep going up, we may need to consider more fuel efficient means of transportation for the family. This month will be the first month that I spend more on gas than on the car payment for one vehicle. Wife normally runs through 200 of gas monthly the last few months, me I run through about 3 tanks or 120, with prices on the rise our monthly number could easily top 400 between both cars. Ugh.
