Senator Domenici demanded an explanation from oil executives about how the price of petrol was set. "Most Americans think someone rigs those prices. Are you rigging the price of oil?" he said.
Mr Raymond responded that the question was "extraordinarily complex".
Hope C-SPAN taped the hearings. I missed them.
I don't think oil industry profits are all a matter of prices at the pump, meaning they don't deliver just one product to one category of customer, do they?
What I'd like to find is an easily digestible article explaining the structure of the petroleum industry and explaining the various market forces determining that final price to the customer, whether the product be my gas at the pump or the oven bags I'm using to cook up my babyback ribs.
Don't believe it is a simple matter of supply and demand. Do believe Mr. Raymond when he says setting petrol prices is extraordinarily complex.
There are good sources of info at eia.doe.gov
Where Does My Gasoline Come From ?
"What I'd like to find is an easily digestible article explaining the structure of the petroleum industry and explaining the various market forces determining that final price to the customer, whether the product be my gas at the pump or the oven bags I'm using to cook up my babyback ribs."
I don`t need an article to find that answer, it`s the Federal Government causing the problems IMO.