Retail demand sets retail price, not wholesale price. If people won't pay the $75 then the price will come down.
I remember a while ago in Phoenix we had a gas supply pipeline break. It reduced the supply of gas into Phoenix considerably. The gas price prior to this was around $2/gallon. Most stations raised their price $.20-$.50 cents while many were shut down as they had no gas left. But a few stations raised their prices to $5/gallon. People had the choice to drive a ways to a cheaper station or wait in long lines at other stations or pay $5 with short drive and no line. News media ran price gouging stories.