Pete's post on gasoline prices obviously hit a nerve.
So here's my question:
If consumers are willing to pay higher prices for gasoline, why should we think that energy companies are going to do anything but charge those higher prices?
Much of this was prompted by Pete's post. We..and I'm definitely including myself in this category...have lives that assumed that relatively cheap energy would continue. We have gas guzzling cars, like air conditioning, drive many miles to work, haven't supported mass transit or oil altenatives, etc. We might not like today's higher prices, but didn't we set ourselves up for this? Whosever said that prices would always be low?
In other words, in what's supposed to be a market-driven economy, aren't we complaining about the market working?
Yes, I know that supply is being set by a cartel. But given the amount of refining capability and the worldwide demand, it's not clear to me that pumping more oil would make that much of a price difference in the current environment anyway.
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