I added greatly to my rudimentary understanding of the oil business. I learned that, after crude oil comes from the ground, it is sold to an oil refiner, made into gasoline and other products, and eventually sold in an incredibly competitive environment to the end user. The simple dynamics of supply and demand underpin the price of oil and gasoline . . . Today oil companies face stringent regulations, immense public scrutiny and a fiercely competitive market. The industry has done a poor job educating the public about forces that move prices, he said.
People think oil companies make a lot of money.
Whoever is promoting this idiotic day, all it's hurting is the small retailers like me. Independent gas station owners say they raise their prices to keep up with the rising prices from suppliers. That doesn't change the demand, it just moves it to a different day. Oil companies, which run their inventories on a weekly basis, wouldn't even notice the change, he said. Oil company representatives said they were unconcerned.