Oil companies can charge whatever they want. But there's a little thing called economics which dictates price points. Supply vs. Demand etc. Price goes up, demand goes down. Supply goes down price goes up. Everytime. All the time. It's a "law" of economics unless there's a barrier interfering like government regulations,. or a monopoly, which there isn't. Think about it. If they were charging $5 based on a lie, the guy who wants to sell MORE gas is going to say... I can sell MORE by only charging $4.90. And someone else says we'll, he's kicking my ass at $4.90 I'll charge $4.80 and a price war develops until it can't go any lower because they run out of supply or there isn't enough demand (everyone who wants gas already bought it). So no... They aren't lying.