Gas Price, Does Anyone Know Why?

Question

It seems to me, when gas prices were on the increase and a barrel of oil was around $115, the price for a gallon of gas was around $3. So why is it around $3.59/gal now with the price for a barrel hovering around $115. I may be off some in my recollection but didn't know where to go for this info. Thanks.

Answer 1

price depends on several things you don't know about....

1...cost of crude is months behind supply...oil pumped today gets here in 2/4 months..

2 what % of capacity are refinery's running at?...80%? 90% 95%?

3 whats the demand...economy going good or bad

4 speculators...you can't stop it no matter what democrats say...restrict them here and trading goes from US to Rotterdam/London?Dubai

Answer 2

That's because the gas stations and distributors are reluctant to lower the prices, but quick to raise them when crude spikes. That accounts for the huge windfall profits they make.

Answer 3

i know when bush came to office the average for gas was $1.46 a gallon.  now i know that with time comes inflation, but d**n Bush that much?  oh it probably has nothing to do with the fact his family owns gas stations and they are having record profits