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With talk of higher standards for fuel efficiency, oil companies are using this as an excuse to gouge consumers. The oil industry is planning to scale back refinery expansions because alternative fuels will lead to lower oil demand in the coming decade. Until alternative fuels become the norm, gas prices will rise as supply is not meeting demand.

As much as I am annoyed at government interference, I feel this is a time where someone with power should step in. Oil companies are deliberately driving prices up by not building new refineries and gouging the consumer at the pump. Not only are the production costs going down (fewer operations), but prices and profits are going up. The government needs to step in somewhere.

Labels: America, Money, News