Gasoline question?

Question

I was curious to know why when gas tumbles 3 dollars a gallon in the states to 121 dollars a barrell.....then why does it still only fall 1.7 CENTS at the pump? This is a 20 dollar drop in the last 2-3 weeks but average gas is STILL at 4 bucks a gallon....Last year when it was at 121 a barrell wasn't gas at like $2.50-$2.85? can someone explain this to me or gimme an email address to OPEC so I can ask them an publish it on the news?

Answer 1

E-mailing opec will do you no good, why don't you ask Bush the same question along with his oil boys.

Answer 2

wow there are a lot of problems with this question.

1) last years national average was just a bit more than a dollar lower than it is now (so if you pay $4 now last year you were right around or just under $3)

2) barrel prices have dropped from 146 to 122 (or 124) in about 2 weeks but barrel prices are indicative of oil for next months delivery thus the gas stations are using higher priced oil (not literally using the oil, but selling gas made from more expensive oil)

3) in chicagoland (most expensive gas other than hawaii and some of cali) the pump price has dropped 20-30 cents in most areas in the last week and half and the national average is down more than 1.7 cents.

4) national average for diesel (cuz thats the only i get accurate updates on) has dropped about 20 cents.

5) you can't email opec and expect anything