Average U.S. retail gasoline prices crossed $3 a gallon for the first time since November on Monday as the conflict in the Middle East worsened, setting up a key test of public approval of President Donald Trump’s decision to attack Iran, analysts said.
Tehran’s retaliation in response to U.S. and Israeli strikes has disrupted global oil supply, as it hit production facilities in neighboring countries and ships in the Strait of Hormuz, a key global trade route. Oil prices have surged, with Brent crude rising more than 5% to nearly $77 per barrel, and fuel prices moving up in tandem with the feedstock costs.
I was talking to the owner of an independent petrol station the other day who’s petrol is usually a good 30% cheaper then the big chains.
I straight out asked him how he was able to consistently put compete like this. He laughed and said it was because he wasn’t greedy. He explained it was straight up greed at the retail level. Especially jacking the price up whenever the news said that oil prices had gone up.