Just watched a segment asking "Who sets the gas price?" on the evening news. They interviewed a couple gas station owners and came to the conclusion that competition sets the prices at the pump. Best response to asking who sets the price: "The guy down the street."
Individually owned stores get wholesale prices updated daily, but their main pricing strategy is to keep tabs on their competitors and move with them. Corporate owned chains like Super America tend to move first and apparently under the direction of the parent company. Of course, I'm not sure if this is better evidence of Hayekian diffused information of Keynsian animal spirits, but I love learning about how things work.
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