In days of old, when knights were bold, and oil exchanges were not invented, prices were steady, supply was plenty, and Big Oil kept drivers contented. Before the first Energy Crisis started in 1970, the oil industry was run by major integrated oil companies. They explored for, developed, and produced oil fields, refined the oil, and sold their products through their own outlets to consumers. The most obvious sales point was gas stations. They priced their products competitively with each other.
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