Submitted by USAFacts_Official t3_yl8yag in dataisbeautiful
Ok_Frosting4780 t1_iuycrk1 wrote
Reply to comment by Bot_Marvin in What factors contribute to gas prices? [OC] by USAFacts_Official
I agree. Firms charge whatever they think their clients are willing to pay. The person I was replying to implied that the price of refined oil increased because it became more costly to refine when in reality it's mostly caused by a predictable market reaction to contracting supply and expanding demand.
Bot_Marvin t1_iuyepkb wrote
That’s very reasonable, I guess I just had a knee jerk reaction to similar wording used by people who believe rising gas prices are the result of “greed” as if firms suddenly became greedy haha.
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