A couple of weeks ago WTI (West Texas Intermediate) oil, which had been well over $100 a barrel as recently as last June, dropped to about $45 a barrel. 

Gas prices, which had been as high as about $3.50 – $3.75 a gallon, dropped to the $1.70 – $1.75 range in my area (and I know it was lower in other parts of New Jersey as well.

Then oil bounced back up to the $51 – $53 a barrel range…and gas prices jumped to about $2.20 – $2.35 a gallon or more.

But during this week, oil has done nothing but go down. 

Yesterday WTI closed at $47.05 a barrel.  As I type this, it has dropped to $45.24, close to the level described at the beginning of this blog.  (UPDATE:  At 5:15 the price is down to $44.96 – which, I think, is the lowest I have seen it since the price started dropping.)

But gas prices have stayed virtually the same anyway and are still in the $2.15 – $2.25 range.

Why? 

I have never had much trust of the oil industry.  This kind of crap is what keeps me feeling that way.