Yes there is a floor. The manufacture cost for the refinery; transportation; EPA charges; Station cost; are just a few. Oil could be free and these cost will stay the same. With high price oil the oil price is a bigger percentage so it effects the price of the gas and diesel more easily.
But with that said the price of oil does not set the pump price. The price at the station across the street does set the pump price. Also margins at most big stations are pretty good. It is because they are the jobber and retailer. A mom and pop store could never keep up with the big boys because of this. The big stores can sell gasoline at the pump for less than the mom and pop stores pays for it and still make money. We use to (may still have) laws in Louisiana that forced the big boys to sell gasoline with at least a xx markup to try and protect small stores from this.
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Today's Featured Article - History of the Nuffield Tractor - by Anthony West. The Nuffield tractor story started in early 1945. The British government still reeling from the effects of the war on the economy, approached the Nuffield organization to see if they would design and build an "ALL NEW" British built wheeled tractor, suitable for both British and world farming.
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