Crude is under $40 per barrel and we are still paying $1.99/gal here in SW Ohio. Should be about $1.50/gal at those rates.
“Crude is under $40 per barrel and we are still paying $1.99/gal here in SW Ohio. Should be about $1.50/gal at those rates.”
Take out the taxes being paid at the pump (probably around 40 cents a gallon) and the cost of seasonal fuel blends to see the actual price of the gas.
Oil companies aren’t responsible for costs added through govt taxation and environmental regs.
Even if there are no fuel blend costs, you are probably paying about $1.59 per gallon.
Because of thin margins on gasoline, the retail price comes down more slowly, thanks to the higher cost of the previous inventory.