Presque Isle residents line up to get gas, even with the rising prices. Credit: David DiMinno / The Star-Herald

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I have been looking at the ever-increasing prices at the gas pump and wondering why the law of supply and demand does not seem to be working. I was reading through some business news sites and I found the  following from CNN Business: “For years, the boom-to-bust oil industry spent lavishly to fund all-out production growth. U.S. oil output skyrocketed, keeping prices low. Yet sustaining profits proved elusive. Hundreds of oil companies went bankrupt during multiple oil price crashes, leading investors to demand more restraint from energy CEOs. Today, oil companies are under enormous pressure from Wall Street to return cash to shareholders through dividends and buybacks, instead of investing in badly needed supply.”

Sometimes answers to simple questions can be complicated.

George Burgoyne