Gasoline prices have soared this year, breaking records across the United States. Consumers are pointing the finger at Big Oil, but perhaps unfairly. Gasoline prices often lag behind oil prices, so when crude falls, gasoline may take some extra time to adjust, as well. I have gotten a lot of questions recently about when we may see some relief at the gasoline pump. Complaints have grown in recent days, because oil prices tumbled after spiking, yet gasoline prices didn’t follow. Thus, the conclusion many have drawn is that they are being gouged at the pump. There are several misconceptions involved in this reasoning. First, many attribute this supposed gouging to Big Oil. But the vast majority of retail gas stations in the U.S. aren’t owned by oil companies. Just because a station is branded doesn’t mean the station is owned by that oil company. ExxonMobil, for example, has its […]