Quote:
Originally posted by taxwonk
That's only partly true, because of the large number of integrated companies. ExxonMobil, Shell, BP, etc. earn money on both the upstream and the downstream, so they're largely indifferent to where the profit comes from. Independent refiners, jobbers, and wholesalers are such a small part of the market that oligopoly is a major source of market inefficiency.
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Could you go into more detail about where oligopoly exists (upstream, downstream, blah blah blah)? Thanks.
ETA I have to say, in eastern Oklahoma, where there are apparently many more independent refineries and wells and whatnot than there are in other areas of the country, gas prices (at the pump) seem to be noticeably lower.
