UB Ed:

That's precisely what's happening. The current high price of gasoline has nothing to do with the supply of oil (George W. - are you listening?). Oil companies have very limited refining and gasoline storage capabilities. Why? Because they make more money investing in other aspects of their business such as producing and transporting crude oil. So, when supplies get low, like they did earlier this year, they can't up production even if they wanted to. Instead, they up retail prices which lowers demand. This gets the demand into balance with the supply. Right now, they've overdone it a bit so supplies are at record high levels. Rather than decrease production, prices are now falling to increase demand. Unless you live in California. We filled it up at $1.81 per gallon this week and thought it was a bargain!

Bev and Jerry