Some people worry that gasoline prices are set by a monopoly. I am unaware of any theory of monopoly that yields prices with as much volatility as we have with gasoline prices. They rarely are the same from one day to the next. In contrast, cigarette prices hardly ever change.
Tuesday, November 11, 2008
Gas prices fall
Gasoline prices finally fell below $2.00 per gallon in Rensselaer today after many months of being above $2.00, and sometimes being over $4.00. I may have helped raise them, but I can claim no credit for their fall. (Except that I ride my bike to work, thereby lessening the demand.)
Some people worry that gasoline prices are set by a monopoly. I am unaware of any theory of monopoly that yields prices with as much volatility as we have with gasoline prices. They rarely are the same from one day to the next. In contrast, cigarette prices hardly ever change.
Some people worry that gasoline prices are set by a monopoly. I am unaware of any theory of monopoly that yields prices with as much volatility as we have with gasoline prices. They rarely are the same from one day to the next. In contrast, cigarette prices hardly ever change.
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