Riddle me this: According to Mastercard, the demand for gasoline has dropped to a record low here in the U.S., the lowest it’s been since MC began putting out its SpendingPulse Report, seven years ago. At the same time, the price at the pump is headed for what could turn out to be a record high. With almost any product you can think of, a drop in demand results in a drop in price. But not in the bizarro backwards world of big oil. When their demand drops, they raise rather than drop their prices while refining capacity is maintained at levels just high enough to meet demand so as to ensure the absence of an oversupply of gasoline.
How did the oil and gas industry come to be immune from the law of supply and demand, and why isn’t anybody in D.C. talking about it? Have we become so dumbed down that we can’t recognize collusion? Or are all our legislators so bought-off that it no longer matters? I’m afraid it’s a little of the former and a whole lot of the latter, even though the entire nation is dependent upon big oil to keep things moving. Without it, we’re all done. Dead in the water. Now, tell me again about the health of the Democratic process in America, and who’s really in charge.