Sounds fishy to me?? oil compaines are quick to raise prices citing Oil costs more.. but real slow to drop prices when oil prices drop!
Who's incharge of this? Who can set this stright?Why do gas prices stay high when Oil prices just fell 4.00 a barrel?
Because the price went down doesn't mean gas will get cheaper. Now since it is lower, there will be more buyers and more buyers equals harder to get oil.Why do gas prices stay high when Oil prices just fell 4.00 a barrel?
In the u.s.a we have alot of oil and the gas is running low because we use it alot and it's rare to find gas.
I don't think we'll ever know or be able to do anything about the deceitful industry that fuels are cars and economy.
I believe that there is already the technology there that they could produce cars to run efficiently on a cheaper fuel. I believe that this information is suppressed by the oil industry along with our government to further their growth of income. I mean really if we can go to the moon, why we can't find a way of an alternate energy and start using it throughout our country is a mystery. That seems strange to me.
when you buy gasoline from the terminal you are buying it is based on what the oil prices will be next week so you raise it quickly to curb losses. on average a gas station makes only $0.10 - $0.15 for every gallon sold so you can't afford to lose much.
It has to do with something called future trading or future contracts.. basically what that means in relation to crude oil prices is this.. NYMEX (New York Mercantile Exchange) sets the price for a barrel of crude oil at what it feels the worth of that barrel will be sometime in the future. if they feel that oil prices will skyrocket in several months they will then set a 'future contract' which binds them to sell the barrel for that inflated price. so basically when you go to the gas station you're paying for gas that hasnt even been pumped yet.
its a very complicated situation.. i definitely suggest you look it up to get a more detailed, in depth answer.. here are some links to get you started..
http://en.wikipedia.org/wiki/Price_of_petroleum
http://en.wikipedia.org/wiki/Futures_exchange
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