Gas prices not falling as fast as oil’s drop
According to Seattle Times article titled the same
http://seattletimes.nwsource.com/
html/businesstechnology/2008159716_gaspriceqa050.html
Oil companies during the meteoric rise of a barrel of oil to $147,00, did not increase the prices at the pumps in direct relation to the percentage of the increase in prices. In fact their were losses to the oil companies. Are they suggesting that the oil companies were all collectively being altruistic perhaps?
In the last quarter the oil companies recorded their highest profit to date. I would like to know what losses the article speaks off? It also seems to me that they all are very in sync with each other in deciding the price levels, otherwise how do you explain their parity? Enron anyone?
Filed under: Editorial