Originally Posted by Banrion
Yes, but the second thing you learn, is that you maximize profits by charging whatever the market will bear. Until people as whole unified populace stop buying fuel at these prices, the fuel companies will have no reason to ever bring the price down.
People refusing to change their habits for the reason of convenience is what is driving gas prices.
You're right, of course. It just struck me as humorous that oil companies were defending their profits by saying they had to import oil, and their profits wouldn't be so high if they could pump more domestic oil.
Um, no, your PRICES wouldn't be so high if you could pump more domestic oil, but I am pretty sure your profit margins wouldn't drop a percentage point.
Interestingly, the reported on the news the other night that for the first time EVER people are driving less due to the cost of gas. The price of gas hasn't ever affected it before...usually people just complain and keep driving, but there is a noticeable difference for the first time ever.
Just thought that was interesting.