In the past week, maybe two, gas prices have dropped from 1.69 to 1.21 a gallon. What’s up with that? I’m not complaining, I’m merely asking, what’s up with that?
Did they find new gas? Was there a huge pit of dead dinosaurs that the Crocodile Hunter discovered? Were they always overcharging us and the government finally stepped in and put and end to it? Were they charging us at the right price and now they’re losing money? Are we using 33% less gas than we were 2 weeks ago and now there’s a surplus?
I just don’t see how rates could drop that quickly on a daily basis. Someone have some info?
It seems the prices have dropped 19 cents in the 30 days (since the peak). Judging by the chart, we’re in for a little more of a price cut. The cost of crude has been rising slowly for a while, but wholesale prices (which had been skyrocketing for a while, those jerks) are now falling at the same speed. This, in turn, is bringing retail prices down at the same rate.
As for why… I have no clue. The news has said nothing to my knowledge. Judging by the graph of the crude oil price I’d just say the gas companies are letting up because they’re such nice guys. :rolleyes:
Earlier this week gas inventories climbed to 6% above the normal level, as opposed to 12% under the normal level last month. In addition, OPEC decided not to reduce output. High supply, equal demand = lower prices.
