“It’s collusion without the chance of ever having to face collusion in court,” said San Diego State University finance professor Tony Cherin. “The few major companies now have the power to do anything they want and there is nothing anyone can do about it.”
Cherin said there is simply no logic in the price hike.
“With oil prices trading relatively low at $95 a barrel and with a struggling economy, all economic indicators should be pushing gas prices lower, but according to the oil companies refinery slowdowns have forced prices to spike,” Cherin said.
“America is pumping more oil than nearly any country on Earth,” he said. “With the boom of production in the Dakota’s there is more supply than ever before, it just doesn’t make sense… I’d call it gouging.”