Gas prices are set by the market not oil companies, if oil

Posted on: May 8, 2022 at 18:30:25 CT

companies were allowed to set the price, the price would never fall below $3+/ gallon. What has hurt the US market is the downturn in production of oil in the US. Not sure if that is due to shale production is not as productive as sandstone, changes in laws/political parties in charge, pipeline bans, or what; but I will say it all played in the US production. Now in my opinion that is not a bad thing because as long as gas prices are low, gas guzzlers will be built, yachts will be sold, and no one will care that oil is a limited resource. But to blame oil companies is not the fault; that falls upon the voters and consumers that dont care as long as the price of gas is low.