"California created a unique environment," he said, noting how the state tends to enact new rules to prioritize the climate over wallets and "chase away" oil companies. "It's a problem born from California regulation. It's self-induced."
"The market is competitive," De Haan said. "What's better at attracting more people: 5.08 or 5.079?" This pricing strategy plays on consumer psychology to draw more customers.
When gasoline was first sold over 100 years ago, it cost as little as 10 cents for a gallon. The implementation of tax in 1932 led to some creative pricing that still influences sales today.
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