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Old February 19th, 2009, 11:00 AM
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katlady katlady is offline
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Originally Posted by momofmeg
Originally Posted by katlady
They use the price per barrel on Light Sweet Crude oil. Here is a link 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
Last bid was $38, but it is always changing. The thing is when the price per barrel of oil is high the gas stations don't as much money. Right now they are making money. Think about this the price is $120 per barrel you paid $4 per gallon. Now the price is $38 and you are paying about $2 per gallon. The price per barrel went down 68% but your cost was only reduced about 50%.

Also if your state is like California lots of taxes are added on to the price at the pump. So if the tax is .12 per gallon that .12 is there no matter what the price of a barrel of oil.
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