As I write this, WTI (West Texas Intermediate) oil is trading at $50.34 a barrel.
On June 24th it was over $60 a barrel.
Despite the fact that, for weeks now, oil has ranged from 12% to 18% lower than the June 24th level, gasoline prices have stayed virtually the same.
Why would that be?
And why shouldn\’t we be outraged by it?
