I am not a big fan of 60 Minutes, but this is a great report:
The "article" is a transcript of the video/story.
The people that set the price for gas and promote the fluxuation of prices need to be hung by their toenails.
My experience of gas prices over the last few weeks:
- - 4 weeks ago, gas was at 1.88/gallon
- - 3 weeks ago, gas hit 1.97/gallon
- - 2 weeks ago, gas jumped over 2.20/gallon
- - 1 week ago, 2.39/gallon
- - Today, 2.59/gallon
What happens is that the gas price jumps up $0.20 for a few days then drops $0.12 or so. A few days later, gas jumps again $0.20 but then comes down $0.10-$0.15 cents. Over time, this results in gas prices being higher with no real reason outside of …. I guess demand increases during the summer months. But production of gas is controlled by those who define the supply. They generate the need of demand by stimulating stories of demand increasing.
And let’s not get started on “oil swaps”…
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Here's a graphicaly breakdown of the energy commodities (from: http://www.bloomberg.com/markets/commodities/cfutures.html)
Here's the today's crude futures:
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