Yeah, my immediate thought was why haven’t they been all over this, because obviously a business wants to sell as much product as possible. But I read (not sure it’s true) that the retailers don’t make much on the gas, most of the profit in a gas station is in the associated shop. So maybe the economic incentive to sort this out is not so great.
ETA still not sure if this makes sense. Because even if the retail side of the business does’t make much money on gas, the oil companies are obviously making money on selling product, so you’d think they’d be pushing hard to sort this out at the retail end.
Link to gas prices adjusted to inflation over the years. Also, the US has been a net EXPORTER of oil/products since back in Obama administration. What we [US] think are US oil companies are actually multinationals. They’ll ship it anywhere to make a few extra cents per barrel.
My car takes premium: I let it get down to 1/4 tank, but earlier today I finally filled up…at $5.659/gallon (Northern Virginia). That’s the most I’ve ever paid for gas. I’m one of “those” people who generally prefers being in the office — with, you know, other people — but I currently telework 80% of the time, and of the upsides is that I haven’t needed to put much gas in the car since the prices started climbing. I’ll be driving 500-600 miles in July, and am starting to wonder how much the fuel for that trip will cost.
I’m in Aus and our car takes diesel which is currently $2.15 (AUD) a LITRE. So extrapolated to gallons for you US folk, that would be the equivalent of around $9.75 (AUD) a gallon.
I saw $5.029 this morning in suburban Chicago. I think it’s the first time I’seen it over $5. I also heard on the radio that diesel is at the highest highest price ever.
Over in Killeen Tx with another group of grand/ great grandchildren and prices have stabilized or slightly fallen rhe past two weeks. $4.45 4.50 on average.
You’d think. Wholesale gasoline [as reported on oilprice.com] had already been down 35 cents since more than a week ago, with nary any movement on the retail side. Locally tho I can count on some specific local chains dropping significantly.
I’ve noticed, over the past decades, that retail gas prices go up very quickly when crude oil prices, and wholesale gas prices, go up, but are much slower to come back down when the upstream prices drop.
Crude is down sharply (about 7%) in the past 24 hours, it should be reflected in increased corporate profits and the same gasoline price by the weekend.