As gasoline tumbles below $88 a barrel this week (source: http://money.cnn.com/2008/10/06/markets/oil/index.htm ) I have to wonder as I've been wondering for a couple months now why the prices at the pumps aren't following in line. Sure, gas prices have been dropping slowly week after week for a few months now but not as fast as market oil prices have.
This time last year, the market price per barrel of light, sweet crude was around $88. The average price at the pump in California was $3.19/gal (source: http://blogs.consumerreports.org/cars/2008/02/us-gas-prices-1.html ).
Today, the market price is again around the same price yet the average price per gallon of gas in California is $3.60 (source: http://blogs.consumerreports.org/cars/2008/10/gas-prices.html ).
What the heck is going on here?
1 comment:
ditto! I was thinking the same thing this morning, actually! Don't ya just wish you got a cut of some of that profit?!
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