Further Exploring 'Gas Prices' - Who DECIDES The Law?
@mythociate (21437)
Oklahoma City, Oklahoma
June 14, 2022 7:46am CST
I see on various news-sources they report the national average gas-prices, and I'm wondering why they don't ask any of 'the people who actually SET those prices.'
(the owners of the gas stations ... I don't know who else; I ask Microsoft Bing 'WHO decides gas prices,' and all they can find says "it's THE LAW of supply & demand!"
(and I want to reply, 'Nuh-unhh 
'The Law' is "decided on" (they'd say it's "witnessed" or "measured" or "observed") by 'the people who set the prices!' How do THEY do it?'
(but--rather than "complain and wait for an answer that'll never come"--I imagine the answer & the path the journalist would start to follow. I imagine he'd start with the gas-station owner, who (I imagine) would show me 'the amount he's got to pay his employees,' 'the amount he's got to pay per unit of gas,' 'the costs of upkeep (for the station),' 'the cost-of-living THEY THEMSELVES want,' & 'the estimated number of customers.'
(Then the journalist(s) would follow-up on every one of those costs and put it together in a gian't compendium of "How Gas-Prices Work."
(I know it would be easier just to 'go off AAA's reporting.' https://gasprices.aaa.com/page/2/ But 'difficulty' is what makes it 'a job they pay you money-for,' yeah?)
'The Law' is "decided on" (they'd say it's "witnessed" or "measured" or "observed") by 'the people who set the prices!' How do THEY do it?'
(but--rather than "complain and wait for an answer that'll never come"--I imagine the answer & the path the journalist would start to follow. I imagine he'd start with the gas-station owner, who (I imagine) would show me 'the amount he's got to pay his employees,' 'the amount he's got to pay per unit of gas,' 'the costs of upkeep (for the station),' 'the cost-of-living THEY THEMSELVES want,' & 'the estimated number of customers.'
(Then the journalist(s) would follow-up on every one of those costs and put it together in a gian't compendium of "How Gas-Prices Work."
(I know it would be easier just to 'go off AAA's reporting.' https://gasprices.aaa.com/page/2/ But 'difficulty' is what makes it 'a job they pay you money-for,' yeah?)2 people like this
1 response
@sharonelton (25437)
• Lichfield, England
15 Jun 22
I thought it was because it's origin was Ukraine and it's hard to get it from Ukraine at the moment because you know why. Or was that oil? Something. Because the supply is low and the demand is high that's why the prices go up, so that even though they're selling less they're getting the same income from it as when they were selling more. I'm not up on the politics of it but that seems the most reasonable explanation to me. Reasonable explanation not reasonable pricing!
1 person likes this
@mythociate (21437)
• Oklahoma City, Oklahoma
15 Jun 22
Actually, "the law of demand" says that demand goes DOWN when prices go up!
Yes, prices go up when supply is low; but that's 'the law of rarity' or something ... or not; I dunno ...
Anyway; I think Ukraine supplies something else ... yes; they call it 'Europe's bread-basket'; they say that breads are gonna get very expensive there (tho they STILL blame 'the war' for high costs of EVERYTHING).
With rampant inflation still beating on every part of the economy, it appears that food and other necessities will continue hitting record highs. Owed mainly to the rising cost of fuel and labor, several major companies, including the world’s largest fast-
1 person likes this
@sharonelton (25437)
• Lichfield, England
16 Jun 22
@mythociate Demand goes down when prices go up because no-one can afford it anymore! 
1 person likes this
