I heard a report yesterday that gas has gone up ~14 cents per gallon to account for the national fuel average of $3.40/gal.  Obviously we are far higher than that, and I’m told the day of the announcement that Flint Hills refinery in North Pole was to close, our fuel prices from Washington went up ~13 cents; this was such a sudden jump within 24 hours of the announcement that it is likely it was from the adjustments vendors made in their prices due to lack of market confidence, or expectations of raised costs.  The point being, even in energy- not just luxury goods- do the expectations and confidences of vendors and consumers alike change price and quantity demanded.  A good economics lesson that transcends the various products in free markets.

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