When oil was at 147 I was paying 4.14 . OIL LOST A THIRD OF ITS VALUE!
Gas went down 10% WTF!
We should be well south of 3 dollars.
They said on the news that it's because refiners are anticipating Ike.
In another words, it's nothing but speculation that Ike will take out some refineries.
If it doesn't....TIMBER!!!!!
And I don't mean just oil prices, I mean prices at the pump.
At least your prices didn't jump to $3.99 like it did here, near Chicago. Our high (by me, the city was much higher) was around $4.29
So we've come down even less than 10%.
Yeah. Oil down over 30% and we still feel the pain at the pump. The oil companies are making out like bandits. What the heck is Pelosi and the rest of Congress doing? They should be investigating right now.
Very Simple. Gas stations make their money when prices head lower for this very reason. Becasue the price cuts come much slower on the way down that the hikes do on the way up....It's a given fact. That said, Gas prices will be heading lower, so I'd be riding on a 1/4 tank or less over the next month or so buying on the way down.
Gasoline will have to come down. Convenience store operators will go out of business if it doesn't. C Stores survive on inside sales, not thin margin gasoline. Store operators have been complaining for months about how bad their inside sales suck after the run-up in the price of gasoline results in customers stretching their gas purchases further and not visiting the store as much.
Privately owned gasoline retailers way outnumber Big Oil owned stores. Big oil and their distributors must get the price back down or they won't have any place to sell it to the retail public if these stores go tits up.
Manipulators have a new excuse why the real market doesn't match the exchange price. They call it a premiem on silver it's at least 50%higher than the exchange price if you can get it.imo
That "but gas didn't increase as much as oil" argument is flawed.
We were stockpile with gasoline going into Summer and it was produced with $100-$125 oil (cost averaged as they went).
$147 oil was mostly paper and refineries bought only if they were in a pinch.
because the refiners are making less gasoline, keeping the price high. add in the storms that shut them down , now 78.5 % utilization, and thats why. guess what it will get worse with IKE.