Thank you for the explanation.
However, despite your concise rundown of the market forces, the public still sees a retail price that goes up nearly instantaneously while remaining at a premium level after oil prices come down. That gives the appearance of price gouging.
Plus, voter suspicion of our institutions seems to be at an all time high. How long before the clamoring begins for even more regulation?
Despite their narrow profit margins, the oil and gasoline industry needs do a better job of addressing the situation; otherwise, it could very well be taken out of their hands.
I think the people have enough recent experience on government intervention on oil to know better. But if they don’t they will just relearn the painful lessons of governemt regulation.
There is not much to be done to address ignorance and superstition.