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We base all our experiments on the capacity of mankind for self-government.

-James Madison

The Price Cost of a Gallon

NPR has laid out a pretty good article on gas prices and the oil company profits. I was very surprised - not by the information in the article, but by the fact that it was sitting there at NPR. Don't get me wrong, I love NPR, but it's always a refreshing surprise to me when they come to the defense of corporate giants who are making billions of dollars.

Plus there's this really cool pie chart.

Hopefully, they will soon provide a chart demonstrating how stupid a $100 rebate check would be.

The article answers the following questions:

What factors are causing gas prices to rise so quickly?
Who sets these prices?
How does [OPEC] affect prices?
Iraq's oil production hasn't recovered to its prewar levels. Has this had a major impact on global oil supply and prices?
What kind of impact might ANWR oil have on prices?

Go on, even if you already understand the issue. Check it out.

Posted by Wulf on May 1, 2006 at 04:13 PM

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That $100 rebate is insulting. Do they really think that's going to pacify the people who are all in an uproar about this?

If I got such a check I wouldn't use it for gas. I'd use the money that I already have budgeted for it, and go buy something else. Or probably put it into my fun fund.

Posted by: AlanDP at May 1, 2006 5:50 PM

I have to admit some shock that that is from NPR as well. I'm so used to commentators on NPR simply not udnerstanding economics.
I'm glad to see a reasonable look at the issue from NPR.

Posted by: Chris at May 1, 2006 6:08 PM

We base all our experiments on the capacity of mankind for self-government.

-James Madison

The Price Cost of a Gallon

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