People who should know better are still deflecting the blame for high oil prices onto the oil companies. There is still a widespread misunderstanding of how oil and gas are priced. Further, I find that a lot of people think the fact that gasoline prices are at record highs along with oil company profits means oil companies are definitely gouging consumers.
“Explain this!”, they will say, while showing me some link about Chevron’s profits (as if this revelation will finally make me see the light). So I thought of a story to help…Why Is Oil Priced The Way That It Is?
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