The Saved Sailor

Did Big Oil Take Advantage of Light, Sweet Crude?

Since a good chunk of the price of a gallon of gas is fixed due to federal, state, and local taxes, it is natural that the percentage change at the pump will be lower (imagine if taxes were $10/gallon, whether oil were $200/barrel and thus gas were ~$15/gallon or if oil/gas were free buit still had the $10 in taxes, the percentage change would only 33% [1-10/15] despite the massive/infinite change in oil price). Remove the taxes from your charts above and let's see what that shows.