Oil nearing pre-war prices, gas stations leaving charges up

The Hill -  Oil is nearing its prewar price after the U.S. and Iran agreed to a memorandum of understanding (MOU) intended to end the conflict, but gasoline prices remain significantly elevated.  While President Trump has blamed Big Oil for price “gouging,” analysts say it’s individual gas station owners that are slow to lower fuel prices.

“The public is mad at the major oil companies because gasoline prices have not fallen as fast as the price of crude oil. … Their anger is misplaced,” Andy Lipow, president of Lipow Oil Associates, said in an email to The Hill. “The oil companies own less than 5% of the service stations but their brands are sold at most of them. They should be mad at the local gasoline service station owner. They are making lots of money,” he said.