I haven't seen much downward movement on gas prices in my area. Low oil prices doesn't necessarily translate to lower gas prices. We'll see.
IT all depends on where you are - I’ve seen reports of 99 cents per gallon for over a week in some areas (Eastern Oklahoma from friends).
But here in NW Arkansas, just across the border - gasoline is still $1.68-1.89 a gallon.
But demand here is still a bit higher - it’s only slightly slowed people down.
Of course - we all know that gasoline prices tend to drop very slowly, regardless of oil price drops, but rise instantanouesly. Its how the market works (and no, it isn’t about the cost of the gasoline in the tanks now - that would make sense).
There's profit to be made here. This almost always the case with falling oil prices and rising oil prices for that matter. Gas prices lag behind oil prices. Sell oil futures, buy gas futures in equal volume quantities. If oil goes up, gas will cover your losing oil position. Profit is made when oil goes down more than gas. Yes, the gas position could be a losing one, but oil will gain more than gas loses. If price goes against you, gas will increase in price more than oil increases in price. Almost guaranteed profit, and you are protected from a loss. Kick back, watch the prices change. Lock in profit.
Cuz wee’re still working off last years supply and the price was locked in.
Just paid $1.69 per gallon here in Austin.