So when is the pump price for gas gonna drop?

Question

we are still paying gas prices as if it was 146 a barrel but it is 123 a barrel if you all remeber earlier this month when gas moved up as little as 2 dollars more a barrel people at gas stations were changing the price of gas by at least 3 cents and that was going on everyday for about 3 weeks now gas has dropped 27 dollars a barrel and the pump prices havent even budged. whats going on i bet if gas whent up 27 dollars a barrel the pump price would have gone up in a heartbeat! after u relpy please put city and state where u r from and what u pay pump price for gas. montgomery,al /3.99 a gal

Answer 1

went from 3.99 to 3.73 in the last few days....

Answer 2

Ours has been going down for a few weeks now.  Price of barrel isn't the only thing that effects gas prices so it will take a while for it to bring prices down.

Answer 3

from 2010 to 2011 its going to stop rising and and after that its going to start to drop

Answer 4

lets take a moment to think logically. the government is as not as smart as well all know with politics and everything aside lets say you go to a store and you see this item that you want but you are not about to buy it because its to expensive well if the government lowered gas prices they would make more money than what they are makin now i live in augusta georgia and it is 3.90 cent here, the government is dumping money in there pocket when we go to the tank if america was really smart we would all as in one state by state get out of our cars on the free way and walk the *&^% away and wait for the gas to steadily drop they arent going to make money if we dont give money but than of course as good as an idea that is national guard and the army would be outthere shooting people with rubber bullets until we got back in our car "_"

Answer 5

Mine has dropped. I have heard stories of gas going down to 2.50 a gallon and i've also heard of it going up to 8 dollars a gallon, so who knows what its gonna do.  If we start drilling off our coasts then the price will drop.  I don't know if the price will ever drop to 2.50 again but i also don't expect gas to rise higher than 5 or 6 dollars in the near future.  This is the major issue on everyone in Washingtons mind so i gotta believe they will soon do something about it, even if it means drilling off our coasts, which is something they have not wanted to do because it takes away from the beauty of our coasts, oceans and beaches, but sometimes you just gotta do what you gotta do, I really don't see any other solution.   I live in SC and its 3.89 here.

Answer 6

It has.

Answer 7

When China and India stop subsidizing gasoline.

For years, the rate of consumption in devloped nations has stayed quite steady despite increased population (more efficient vehicles if you were wondering). But in China and India, their oil use is skyrocketing.

Now supply and demand take over. The more they (and we)  use, the more we all pay. The thing is that China and India and particular they are shielded from the rising prices. Gas is still cheap there since the government is footing part of the bill. When this stops, their demand should lower and gas will get cheaper overall.

not to mention the tensions in the middle east are not helping at all. Prices go up if theres a fear of a shortage. With the way things go over over there, we're not sure if oil can keep flowing, so prices can rise.

Pump prices are actually slow to respond to changes in the price of oil. Gas suppliers typically buy their oil upto several months in advance. This storage of oil and gasoline makes sure you have an uniterupted supply, but also makes price changes very slow. Oil has dropped recently, you should start seeing gas prices starting to come down slowly.

You're paying $3.99/gallon isn't expensive. In Canada, drivers pay up to the equivalent of $6.36/gallon (Newfoundland). I live in Calgary (the oil capital of the north) and even we pay approx $5.56/gallon. Some parts of Europe will pay over $13/gallon right now.

So just get used to it. Sadly prices will likely stay high for a long time, not to mention high prices will make things like groceries cost more. Prices may come down around 2012-2015 as several new oilsands devlopments in Canada go online. Hopefully by then government subsidization will stop and maybe the middle east can get sorted out, but that's awfully wishful thinking.

The best thing you can do now is reduce your consumption. Drive less. Walk to that little resturant near you instead of driving across town. Maybe take the bus to work. I do it, for me it saves about 10 min savings over driving on a 30 min commute, since I don't waste time finding parking anymore. But that'll depend on where you live and if you have access to good transit service.

Answer 8

It has from about $4.45 to $4.24 a gallon in the past weeks

Answer 9

Here's the deal, junior. As you can see by many of the answers here, gasoline is dropping in price in many places. I have paid as much as $4.65 a gallon, now it is down to $4.09 here in southern California. The price of gasoline is not directly tied to the price of oil, as I am sure you have seen. It tends to rise farther and faster than it falls in response to fluctuating oil prices. There is a buttload of economic theory behind the price of oil and its refined products that would take literally thousands of pages if it were printed. One big factor though is the fact that fuel retailers are quick to raise the price to cover their increased costs, but they are very reluctant to give up the margin when their costs drop. Would you be willing to cut the price on a product you sold just so you could do a good deed for your customers? I didn't think so. Now go back and hit the econ books.

Answer 10

1. gas in my area has drop about 20 cents in the last week or so

2. it's all about greed

Robbie B:

the government has nothing to do with gas prices, short of tax. it's private companies setting the prices and s******g us over