…which they have…
why aren’t gas prices dropping accordingly?
On April 2, West Texas Intermediate (WTI) oil closed at $71.71 a barrel; roughly the average for the past year.
In the month-plus since then, it has averaged in the low $60’s – about 12% – 14% below the April 2 close. But according to the AAA, gas prices have dropped only about 3% in that time. Right now, and for the past few days, the drop is in the 16% – 18% range.
I’m no oil expert, but it seems to me that even a 12% – 14% drop in oil prices should result in more than a 3% drop in gas prices. If I’m wrong, please educate me. But if I’m right, why have we not seen that commensurate drop in the price of gas?
I keep reading that the drop in gas prices is coming, but, somehow, that hasn’t happened yet. Why?
I’d love an answer to this. And, at quick look on google, I can’t easily find one. Maybe you can.
