Ok, I need to look this one up again, but here is the basic concept.
Not something exactly reported in the "Mainstream Media" from what I've seen lately.
May 2007 - Oil was "incredibly high" going for $60/Barrel.
Everyone complains that the average price at the Pump has gotten up to $3.00/Gallon. Everyone was saying "wow we gotta do something about these outrageous prices."
May 2008 - Oil is soaring past $120/Barrel.
But the price at the pump is still under $4.00/Gallon.
How is that even possible?
Price of your raw materials doubles, and yet the price of finished goods goes up by 23%? Somebody, somewhere is haggling the prices.
-------Update-----Ok, I did read 'em
http://www.eia.doe.gov/bookshelf/brochures/gasolinepricesprimer/
http://bigpicture.typepad.com/comments/2004/08/gasoline_versus.html
http://www.warrenernst.com/node/95
Lots of information but not what I'd call "Mainstream Media" reporting on the subject.
But Lo and Behold, CNN just did report on the subject!.
http://money.cnn.com/2008/05/20/news/economy/gas_price_history/index.htm
By Steve Hargreaves, CNNMoney.com staff writer
Thursday, May 22, 2008
Gas Prices - updated
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