Why has the price of gas at the pump continued to escalate when the price of crude has dropped over $20 barrel

Question

Why isn't the price equal to what it was when the price was $20 a barrel cheaper. If the price were to jump again I am sure that the price would go up again without ever having been adjusted backwards. This is where the price gouging goes on.

Answer 1

It takes a while for a decrease in the price of crude oil to have an impact.  It's really B.S. when you think about it because any time the price of oil goes up the price of gasoline goes up right away, but when it drops the oil companies claim the savings don't come to them right away...

Answer 2

I think gas stations feel that they are already getting $4.50+ a gallon and people are paying so why drop the price. Now I can get $4.50+ and make a bigger profit. This sucks and there should be a law that makes the price go down at the pump when the price of crude is lowered.

Answer 3

I watch a gas stations prices on my way to work everyday.

In two weeks it has amazingly dropped from $4.57 to $4.31. Not great, but it is dropping a bit.

Answer 4

Yes! A great question! I noticed the same thing after several days in a row oil dropped while my service station raised the price 3 cents! Then the media says well if the hurricane hits Texas it may rise again,before we even saw a drop down in price! I for one wish they would stop lying to us and just tell us the truth,oil companies are price gorging and have been all along,because this is alittle too much.We have no control of the weather,why should the consumer pay for the weather?Especially since they are having such vulgar amount in profits.