Gas prices plummeting
#17
#22
Patience guys. When the wholesale rack price goes down this quickly, it usually takes a week or two to start showing up at the pumps. Price of crude has dropped significantly and the gas producers usually lag on their decreases. It always amazes me how fast the pump price goes up though when the rack price starts going up. They are never one to miss out on an opportunity to pocket an extra dime. It may be awhile before we see prices like we did a couple years ago, but it will be nice to see it below $2.00/gallon and lower. If we can get this little problem in Iraq taken care of quickly, then maybe we can get gas back down under the $1.50/gallon range out here in the west.
#23
Actually,
The futures contract of unleaded gas(HU-april contract),have dropped fro the high on 3/7/03 @1.16 to todays close 3/20 @ .91.
Tho I doubt prices will drop quickly....Refineries collect alllot of revenue during moves like these.At least enough to cover the spike in prices.Station owners only see a portion of that move in price.
Frank
The futures contract of unleaded gas(HU-april contract),have dropped fro the high on 3/7/03 @1.16 to todays close 3/20 @ .91.
Tho I doubt prices will drop quickly....Refineries collect alllot of revenue during moves like these.At least enough to cover the spike in prices.Station owners only see a portion of that move in price.
Frank
Last edited by ganiman; 03-20-2003 at 07:42 PM.
#25
#30