But if the world oil price per barrel takes a sudden drop, well, it could be awhile before that gas price sign changes.
Interesting how that works.
Interesting only because you probably aren't into the market.
Prices we're seeing now have more to do with what types of and how much oil we can refine, Also how much we're selling overseas and many other factors will affect gas prices notwithstanding prices on futures markets. Brent crude goes mostly to Europe, we mostly produce WTI which, ironically, is not the majority of what we refine. We still import lots of oil and export refined product.
The actual physical market price paid is not what futures speculators pay. Physical spot is much higher right now on all types.
Also, note that you don't see the Trump admin bragging about all those "beautiful" ships coming through The Gulf to get our oil.
Someone forgot to tell them - before they opened their mouths - that all those buyers just added more upward pressure on prices
That’s where competitive market pressure enters the equation.