People should complain and put a large amount of pressure on their congressmen about the way oil companies calculate their pump prices. In a recent article in Oil-price.net entitled “Why don’t gas prices fall,” it gives several excuses from oil companies why the price at the pump is still too high, compared to the price of a barrel of oil. The truth is that oil companies keep the price at the pump 20 to 60 cents a gallon higher to ensure that they keep up their profit and that profits are not used to buy higher-priced oil. In the second week of January the cost of a barrel of oil does not justify the price at the pump.
The lower the price of oil, the higher oil companies will increase their buffered price. At this time oil companies are overpricing fuel at an average of 20 to 30 cents a gallon. This overpricing is only going to increase as the price of a barrel of oil plummets. Don’t count on oil company honesty or help from the government. So remember in the upcoming months as the price of oil plummets you the consumer, will overpay as much as 60 cents a gallon just so oil companies can protect their enormous profits, this greed also seems to be more important, to presidential candidates, President Obama and congress than helping working Americans earn a livable wage so they can feed and clothe their children.
William Gaines, Lebanon