High gas prices

Last week the price of a barrel of oil was $82.30 and is now $65.77, or down $16.53 per barrel or -20.08 percent. Gas was $3.63 per gallon in Mansfield and a 20% drop in a barrel of oil cost would indicate the new price should be about $2.91 per gallon at the pump. The price at the pump went down 6 cents per gallon, or .016%. Why?

These prices for oil are futures and are 60 to 90 days in the future, so the higher price at the pump did not reflect real cost in real time. The gas companies raise the price per gallon by nickels and dimes and reluctantly drop the higher price by pennies when they never paid any higher cost for crude.

So, in my opinion the bottom line is we customers are being ripped off by big oil and our government is not helping customers who need fuel to commute to work or just get around. Gasoline should be about $2.90 per gallon today, but dream on since it will never happen, but should.



Submitted by email


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