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Price of oil per barrell has reduced by 47% yet the price has only decreased by about 25% out here in CA and couple that with the major decrease in demand...
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Oil now 69 bucks, yet gallon of gas is still $345! it should be $2.50 MAX!
How much of that $69 oil has been refined and is in your gas tank?
The pump price will drop... Our costs usually drop about 4 weeks after the decrease, just as it takes about 3 to 4 weeks for the crude barrel increases to hit the pump...
I just got the refinery drop from BP this morning... That gas won't be purchased from distributors until next week, and won't be at stations until after that (as they order). They still need to get rid of the 30,000 or so gallons that they have already purchased at the higher rate before you see the pump drop.
I seem to remember gas pump prices skyrockety much quicker than the decrease, much quicker...
That's the gas stations' faults. Anticipatory pricing for known cost increases are always going to arrive fast, while price reductions will come slowly in case fluctuations take place. Easier to react to supply chain issues that way.
Heard an estimate of $2.75 here in a month and a half, at current costs of oil. It should be lower, but the volitility makes the stations hesitant to price adjust too much.
Sucks, but from their business standpoint it makes sense.
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That's the gas stations' faults. Anticipatory pricing for known cost increases are always going to arrive fast, while price reductions will come slowly in case fluctuations take place. Easier to react to supply chain issues that way.
Heard an estimate of $2.75 here in a month and a half, at current costs of oil. It should be lower, but the volitility makes the stations hesitant to price adjust too much.
Sucks, but from their business standpoint it makes sense.
Gas here in Austin is already under $2.70 a gallon. Down from $3.95
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5-11 with 'em. 5-11 without 'em.
Got an e-mail this morning, BP lowered it's refinery price by another .21 cents at the rack... for the next 3 to 4 weeks you should see more savings at the pump...
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