ours dropped from 2.50 to 3.05-
I don’t understand how if we’re getting all this domestic oil, and almost energy independent, how our prices are doing nothing but climbing climbing climbing- We’re finding all these huge massive oil deposits here i n the US- but nope- prices keep climbing-
not so long ago- prices dropped from around $4.50 a gallon here to almost $2.11 or so- but seriously nothing changed other than obama left office- infact there was more demand worldwide- at that point, but prices dropped dramatically- now they are creeping back to $4 again? What has changed that the prices are now goi9gn up again? We’re finding more oil- yet it’s not dropping prices?
[[Pretty soon fracking will have oil prices at 50 cents a gallon]]
Lol- that’s what it was when i was in high school (Ciggs were also around .60 p/pack)- it stayed right around that price for many many years- then all of a sudden the prices started shooting up-
More importantly, gasoline prices are based not just on the price of oil but on the cost of refining it.
If you go back over the last 10-15 years, you'll find that there is a spike in gasoline prices right around this time almost every year. That's because refineries generally switch to their summer fuel blends in April and May. This does two things that affect gasoline prices:
1. Refineries have to shut down briefly to make the change, so gasoline supplies may be constrained even if oil supplies are not.
2. The summer blends are generally more expensive because they require additives (including ethanol) that are not used in the winter.
By the time we reach Memorial Day you're probably going to be seeing media reports about how much they expect gasoline prices to DROP during the peak driving summer months.