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K

Now that oil has gone below $90 a barrel why hasn't the price of a gallon of gasoline dropped?

Gas in our area is at $3.38/gallon. What is it where you are? For those who understand oil, gas, and the reasoning on prices, can you answer the 1st part of this question for me?
Battaglia:

Same price here in Michigan.. Indy Girl..I guess the big boy's need to fatten their wallets..

Miloslav:

Well...... it takes sabout 2-3 weeks before you see a difference at the pump. That's why sometimes in can be a good idea to fill up when you hear about a drastic incline in price per barrel. Also it could be a good idea to hold off on filling up when you hear about a drastic declilne in prices. Hope this helps!

Rick:

there are 42 gallons of oil in a barrel. So thats about $2.15 a gallon for oil in saudia arabia. The US federal government has a 49 cent tax per gallon so we are up to to $2.64 for the oil in saudia arabia with the tax. add state tax refining, additives transportation and 8% profit and fuel is right where it should be at about $3.31 oh also you gas station needs about 5 cents a gallon to run the pumps so you are at $3.36

Rene Hollis:

You don't buy gas very often then do you? It was over $4.00 last week and now it's down to around $3.50 here in Chicago and $3.38 in your area. Isn't that a decrease in price?

Rosedove:

want another shock gas in our town was $2.99 today///////////

K:

Nice! Isn't it amazing how, even at that price, we are jumping for joy?!

Bruce:

Well, how do you excpect anyone to make a profit like that, maybe they should just give you the oil for free.

Miloslav:

Well...... it takes sabout 2-3 weeks before you see a difference at the pump. That's why sometimes in can be a good idea to fill up when you hear about a drastic incline in price per barrel. Also it could be a good idea to hold off on filling up when you hear about a drastic declilne in prices. Hope this helps!

DJ:

Much of the oil is purchased on the futures market. The gas in the stations now may have been purchased when the price of crude oil was well above $110 per barrel.

Nat*lee 24/7:

$2.88 Windemere, Florida - yes, its an odd ball gas station!

Ika:

Wow! I think I'll drive over from Melbourne and fill up! LOL

Sly:

It will probably continue to decline in price because it is known that people wont be moving around as much since this economic disaster-so put it a a price where we believe we are getting a bargain, A less prudent man would suspect a conspiracy:)))

Nicholus:

$3.03 in NW Ohio.....dropping about 3 cents a day

Literally Speaking ™:

$2.85/gal reg in St Bernard Parish Louisiana right across the road from a local refinery, and 10 miles from there where I am it's hovering at $3.19/gal reg.

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