Crude oil continues to plummet and is lower than it has been in years. Recently an article in the BND spoke of how the dropping price of oil would influence lower prices at the pump.
The strange thing it that oil is lower than the most recent drop when it went to $45 a barrel and gas at the pumps was down to around $1.79. Oil rose to the $50 mark and the oil companies said gas was going up because of that. From that increase we haven’t seen any decreases to match the increases, and oil is even cheaper than it was before.
Doesn’t anyone notice every Wednesday or Thursday the price of gasoline in the greater St Louis area goes up about 30 cents and then drops 10 or 15 cents Monday. then the next week it goes up 30 cents and drops 10 or 20 cents. The gasoline companies are raising the prices higher and higher. At this rate we will be back at $3.69 a gallon before we know it while the cost of oil will be less than half what it was when we were paying those prices last year.
In comparable markets that used to be on par with the prices on both sides of the river, they are now almost 60 cents lower than we are paying. They are paying the same for oil, they are switching from winter to summer blend. There is no excuse to keep raising prices when crude is going lower and lower. How much is enough?