Gas prices are falling? Since when? We've been at $3.75-$4/gal for over a year.<quoted text>True only if supply remains unchanged; competitors bring prices down when demand doesn't exceed supply.
<quoted text>The dollar is devalued, thanks to quantitative easing. The price of gas if falling, as oil prices fall.
A Saudi prince has warned that his oil-reliant nation is under threat because of fracking technology being developed elsewhere around the world.
Billionaire Prince Alwaleed bin Talal said the Gulf Arab kingdom needed to reduce its reliance on crude oil and diversify its revenues.
His warning comes as rising shale energy supplies in the United States cut global demand for Saudi oil.
In an open letter to his country's oil minister Ali al Naimi and other government heads, published on Sunday via his Twitter account, Prince Alwaleed said demand for oil from Organisation of the Petroleum Exporting Countries (Opec) member states was "in continuous decline".
Again, the oil & gas barons control the supply. No matter how much supply they have, they can maintain gas prices at the current $4/gal level because the DEMAND is there.
ONLY if demand falls will they lower prices to entice people back to buying more.
Since there are no competitors in the oil/gas industry- just collusion & price fixing- the normal supply & demand doesn't apply.
If there were true competition, you'd see one gas station having a 50cent per gallon sale for the weekend, trying to get the business from their "competitors"- knowing they can make up the difference in volume, just like every other business does. Instead what we see is every gas station in town raising their prices within a penny of each other just before every summer weekend. That's collusion. There have also been cases of independent gas stations being sued by the corporate brands if they try to sell gas more than a dime cheaper than them.
Nope, no free market, no supply & demand, no competition- just collusion & price fixing.