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Do the laws of supply and demand pricing apply to gasoline pricing?


I understand the law of "supply and demand," but the it seems to me that the "supply" of oil and the "demand" for oil do not necessarily follow. For instance, after the tsunamis at Christmas of 2004 caused an immediate price increase across our nation. The same for Hurricane Katrina (though this one might be more logical). Why would these cause such price increases? And how can oil companies justify $34 BILLION profit last quarter?

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