Originally Posted by katlady
They use the price per barrel on Light Sweet Crude oil. Here is a link http://www.reuters.com/finance/commodity?symbol=US@CL.1
The price right now is around $41 so it would have to move quite a bit to get to $70. However, the price of oil does move fast, one minute it's $41 the next it's $120.
This morning on the news I heard it has fell to $37-but I have not seen it drop at the pump yet. $1.90 here in GA