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When prices zoomed at the gas pumps during the oil crisis of the 1970s and federal price and supply controls were imposed, individual stations lost the autonomy to set prices. The government issued mandated formulas for pricing, which resulted in unusual fractional amounts. Most motorists were accustomed to the price ending in 9/10th of cent, but reacted negatively to other arbitrary fractions. So, 9/10-cent price convention continued. True, One of the smart marketing/selling/advertising techniques is "show pleasing thing in big display and pricking info in small print"!! [Information courtesy: C.F.Helvie, former Customer Relations Manager - Mobil Oil Corporation] How Gas Prices Work Gasoline is the bloodline that keeps America moving. Our personal vehicles alone guzzle 65 billion gallons of gasoline and diesel fuel each year, and that number is projected to increase by 2.6 percent each year. Tracking gas prices can feel like a roller coaster ride. They're down a little one month, up the next, before shooting up more than 50 percent in a year. Plus, they're different depending on where you look. Other countries, and even other states and cities, can have very different gas prices from your local Gas-N-Go. To the average person, it probably seems as though there's little rhyme or reason to how gas prices are determined. In this article, we will look at the forces that impact the price of gas at the pump, and we'll find out where your gas money actually goes. - Read More Other Links of interest:
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