barrel of oil 64$ why is gas still expensive?

with the price of a barrel dropping dramatically, why is the price of a gallon still around 3$ a gallon? shouldn't it be a lot lower or atleast around 2.30$ a gallon. yea its gonna be different around the whole country but up here in new york, its still a descent 3$ a gallon. with demands of oil dropping extremely shouldt the price of gas drop to? yea its slowly going down but with the price of oil a barrel shouldt it be alot lower? the article talks about how the demands are merely just falling off and cuts of producing oil is expected. will we see oil drop even farther and which will in term mean lower prices? or will it settle around a solid price?
www.msnbc.msn.com...

Ya i second that,expect prices to raise next week after the OPEC meeting,slowing production ,pisses me off too,$130/litre here and steadytrucking industry lay-off anybody?


[edit on 25-10-2008 by all2human]

According to the government releases, the reason why fuel prices have not been reduced is because of the high currency exchange rates and to meet the loss of oil companies which they had experienced over the years in form of loss during refining and transportation.

Why is gas still expensive?

Because we'll pay whatever price is on the pump.
If you knew people would pay $5 for a cup of coffee, would you sell it for $1?

Here in Oregon I believe the average for a gallon of regular is about $2.94, last month it was nearly 4 bucks. The lowest I've seen today was around $2.38 for a gallon of reg.

yea people will pay the price of but thats cause they got things to go like work and other things, yes we are having some relief at the pumps but its not were it should be if a barrel is priced at 64$

reply to post by all2human


so i take it you live in europe? im not up to how much a litre is compared to a gallon is but 130 a liter sounds pretty bad

Hmmm. Gas is low. Over in Texas it is $2.09. That is an unbelievable price. Even here in N. Atlanta (Buford, actually) it is $2.29. I just think it takes time to reflect over the whole nation.

It's 2.11 here in my neck of the woods.

I do expect it to start rising again with the holidays around the corner though.

reply to post by jhill76


wow 2.09$. in NY it just dropped under 3.00$ a gallon the other day.

[edit on 25-10-2008 by FerTheBetter]

Originally posted by Forest
Here in Oregon I believe the average for a gallon of regular is about $2.94, last month it was nearly 4 bucks. The lowest I've seen today was around $2.38 for a gallon of reg.

Ya in SD its hovering right around the 2.30 mark which just started today in my area

Originally posted by FerTheBetter
yea people will pay the price of but thats cause they got things to go like work and other things,

Which is exactly why gas prices aren't $1/gallon.

We will pay whatever the price on the pump is. We did when gas topped $3 after Katrina, we did when it topped $4 this summer, and we will continue to pay it if/when it tops $5.

Public transportation sucks for a huge chunk of America, and people aren't used to walking/biking short distances. Why would gas prices be any lower than they absolutely have to?

It's $2.30 to $2.41 a gallon depending station in my area.

When gas was very high and everyone complained of the price, I noticed no local governmental action in cutting the taxes they impose on gasoline.

The price will not drop as much as anyone would like it to. Especially with OPEC cutting back production. That will only keep the price high regardless of what crude is per barrel.

$2.12/gal. in Kansas City, MO (Northland).

Enjoy it while you can, now that those greedy (fill in the blank) Opec execs are cutting production, you can expect to be paying $3.50 a gallon soon.

They were living too well when we were paying $4/gallon to go back to their old ultra rich lifestyle when we were paying under $2/gallon.

The US needs to put a stop to this greed. But they won't because Im sure out high up politicians are in on it too.



[edit on 25/10/08 by xstealth]

UPDATED: 07:50, September 16, 2006

The Los Angeles metropolitan area saw a drop of gasoline prices under three dollars a gallon this week, the Automobile Club of Southern California reported on Friday.

"The declining price of oil at 63 dollars per barrel, or 10 dollars less than in July, is fueling the steep decline in gasoline pump prices," club spokeswoman Carol Thorp said.

"Also, the price of oil per barrel is falling as futures traders ponder the consequences of a reduced demand for energy and weigh the possibility of an economic slowdown."

english.peopledaily.com.cn...

As I review this article and other evidence, I realize that oil at $140 per barrel and $4.00 per gallon gas may not be that bad...As much as I hate to admit it...

Our average gasoline price is now $2.74 per gallon...at $61.00 per barrel...

The price of Brent North Sea crude fell to $61 yesterday, the lowest level since March last year, even after the Organisation of Petroleum Exporting Countries (Opec) decided to cut output by 1.5 million barrels a day in an attempt to shore up prices.

business.timesonline.co.uk...

I have no more to report as I am stunned to discover that the price of a barrel of oil is actually in direct proportion to the price of a gallon of gas...

However...(yes, y'all are laughing)...I think that a gallon of gas above $1.00 is ridiculouys and usuary...

But, considering that Exxon Mobil (one of a few) needed to pay Lee Raymond's "FAT a**" a $400MM retirement "plan" in 2006...

abcnews.go.com...

No wonder we're paying at the pump...

gas is still high because it is regulating.

when oil was 75 a barrel, we paid about 2.75 on average 2-3 years ago. Then it went to 140 a barrell, and we only were paying about 3.50 a gallon. So, oil doubled, but gas didn't. guess who was getting the shaft? The distributors.

So much of the shaft that we saw oil companies stop running gas pumps (as they lost too much money at it).

So, now we are seeing a stabilization. Distributors are trying to return their profit margins to where they should be. right now, in burleson, texas you can find it for 1.98. if they didn't return to their profit margins, they could be at risk of being out of business, or worse: having shareholders suing them for the nonexistent divdends paid.