Since oil has gone down over 20.00 a barrel, why is it still going up at the pump?

Question

What fries me is they are so quick to raise the price the moment it goes up but come down slow. They are selling oil they bought at a cheaper rate and adding the new costs to it before it's all used up out of their ground tanks. THIS IS GOUGING at it's Ugliest.

Answer 1

It's gone done 15 to 20 cents per gallon where I live.  If it's still rising where you live, then you need to move.

Answer 2

It is dropping. I dont know whats up with you or where you live. I live in Dayton, Ohio. The price has dropped 30-35 cents over the past 2 weeks. I actually filled up yesterday for $3.60 a gallon!

Just check out www.gasbuddy.com to find the lowest prices in your area. It will also show you how much gas was around a week ago or a month ago so you can see for yourself if its dropping or not.

Answer 3

In Michigan the price is actually dropping. It got as high as $4.19. Yesterday it was $3.97.

Answer 4

Crude oil is used as a component of gas. However I do think that the gas will only drop by cents a gallon.  The oil did was to complete climate of mistrust in Americans of this country. The oil companies are large businesses that have no regards to the needs of other. It is very unfortunate that this has occurred. This has a had domino effects in this country.

Answer 5

We're still buying oil they paid 145 bucks a barrel for and production price still hovers at about 100 bucks a barrel.

Edit: Arkansas, my county, is 3.80. That's about a 19cent drop

Yes, that's gouging.