Letter: Pump price never steady when low
Tuesday, August 21, 2012
In 1948, our first-year economics class professor at Clark Junior College taught that prices in the marketplace are determined by supply and demand. The recent drop in gasoline prices seemed to prove the professor correct, especially after most of us didn't fall for the phony reasons for higher prices. But wait! The petroleum industry's "carny pitchmen" are at it again, as a recent Columbian headline declared "Lower prices slice profits for oil, natural gas firms." The number one carny pitchman rule: "If you can't dazzle them with brilliance, baffle 'em with baloney," applies there.
I sure wish that professor was around to explain things to me. I predict we'll soon know what they mean at the gas pump as prices rise again.