• ◦ This collusive episode had firms communicating through coded messages on one of the firms’ publicly accessible websites.

• ◦ Like many gasoline markets, prices were subject to price cycles; here, the cycles were on the order of one to two weeks. Communication was key for the market leader Circle K to signal to all firms when to raise price and initiate a new cycle. The way it did this was to provide a coded message on its website. Changing the “valid from” date for the recommended price to the current date signaled for all firms to raise their pump prices to the recommended price. While Circle K typically changed the recommended price, there are instances in which it was left unchanged and only the “valid from” date was updated. Within hours, all firms raised their pump prices to the recommended price on Circle K’s website.

• ◦ Circle K’s communication practice is neither express communication nor price signaling and is properly viewed as non-express communication for which there is a clearly identifiable announcement in the form of updating the “valid from” date to the current date.

This chapter analyses how innovation in the mining sector responds to changes in commodity prices. For this purpose, the chapter combines commodity prices data with innovation data as captured by patent filings extracted from the WIPO database. Patents registered by both mining companies and mining equipment, technology and service firms (METS) are included. Findings from a multi-country panel analysis show that innovation in the mining sector is cyclical: it increases in periods of high commodity prices while decreasing during commodity price recessions. Innovations react more to long price-cycle variations if compared to shorter ones. METS seems the driving force of this mechanism. Mining countries, as opposed to METS ones, are found to be slower in reacting to price changes.