It is currently 8:50 Monday morning. West Texas Intermediate oil is trading at $44.17 a barrel. This is the lowest I have seen since just after the end of the Bush administration.
But gas prices are still almost the same as a week ago when oil was at $51 – $53 a barrel.
A 12% – 16% drop in oil, and almost no drop in gas prices? That has “gouging” written all over it.
If there is a logical – or even semi-illogical – explanation, I would love to hear it. Wouldn’t you?
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UPDATE: It is 11:40AM. WTI is now trading at $43.19 a barrel. A drop of almost 20% in less than two weeks. Gas prices still have barely budged.
This stinks to high heaven.
